01 - Combine olive oil, lime juice, garlic, cumin, smoked paprika, chili powder, salt, and pepper in a bowl. Add the sliced beef and toss to coat. Let marinate for at least 15 minutes or refrigerate up to 2 hours.
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 12–15 minutes or until water is absorbed. 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 and sauté for 5–6 minutes until softened and slightly charred. Remove vegetables and set aside.
04 - In the same skillet, add the marinated beef. Cook for 3–4 minutes, stirring occasionally, until browned and cooked through.
05 - Divide rice evenly among four bowls. Top with sautéed vegetables, cooked beef, salsa, sour cream, avocado slices, shredded cheese, and chopped cilantro. Serve with lime wedges.