In a medium bowl, toss the steak strips with 2 tablespoons of olive oil, fajita seasoning, chili powder, cumin, garlic powder, salt, and pepper. Make sure the steak is evenly coated.
Let the steak marinate for at least 15 minutes, or up to an hour in the refrigerator.
Rinse the rice under cold water until the water runs clear.
In a medium saucepan, heat 1 tablespoon of olive oil over medium heat. Add the rinsed rice and cook for 1-2 minutes, stirring constantly, until the rice is lightly toasted.
Pour in the chicken broth or water and bring to a boil. Once boiling, reduce the heat to low, cover the saucepan, and simmer for 18-20 minutes, or until all the liquid is absorbed and the rice is tender.
Remove the saucepan from the heat and let it sit, covered, for 5-10 minutes.
Fluff the rice with a fork and stir in the chopped cilantro and lime juice.
Heat 1 tablespoon of olive oil in a large skillet or cast-iron skillet over medium-high heat.
Add the sliced onions and bell peppers and cook, stirring occasionally, until they are softened and slightly charred, about 8-10 minutes.
Sprinkle with 1 teaspoon of fajita seasoning and cook for another minute, stirring constantly, until fragrant.
Remove the fajitas from the skillet and set aside.
In the same skillet (or a clean skillet if needed), heat the skillet over high heat until it’s smoking hot.
Add the marinated steak strips to the hot skillet in a single layer, being careful not to overcrowd the pan. If necessary, cook the steak in batches to ensure proper searing.
Cook the steak for 2-3 minutes per side for medium-rare, or longer if you prefer it more well-done. Remember that the steak will continue to cook slightly after it's removed from the heat.
Remove the steak from the skillet and let it rest for a few minutes before slicing it against the grain.
Divide the cilantro-lime rice among bowls.
Top with the cooked fajitas, sliced steak, and your favorite toppings like avocado, salsa, sour cream, shredded cheese, and jalapeños.
Squeeze a lime wedge over the bowl and enjoy!