01 - Combine olive oil, lime juice, garlic, cumin, smoked paprika, chili powder, salt, and pepper in a bowl. Add the sliced beef and toss until evenly coated. Marinate for a minimum of 15 minutes, or refrigerate up to 2 hours for enhanced flavor.
02 - Rinse rice under cold water. In a medium saucepan, bring water and salt to a boil. Add rice, reduce heat to low, cover, and simmer for 12 to 15 minutes or until tender. Fluff with a fork and set aside.
03 - Heat 1 tablespoon olive oil in a large skillet over medium-high heat. Add bell peppers and red onion, sautéing for 5 to 6 minutes until softened and slightly charred. Transfer vegetables to a plate.
04 - In the same skillet, add marinated beef. Cook for 3 to 4 minutes, stirring occasionally, until browned and cooked through.
05 - Divide the cooked rice evenly among four bowls. Top with sautéed vegetables, cooked beef, salsa, sour cream, sliced avocado, shredded cheese, and chopped cilantro. Serve with lime wedges on the side.