In a medium bowl, whisk together the olive oil, lime juice, chili powder, garlic powder, cumin, smoked paprika, salt, and pepper. Place the flank steak in a resealable plastic bag or shallow dish, and pour marinade over the steak. Seal or cover, and let it marinate in the refrigerator for at least 30 minutes (or up to 2 hours for more flavor).
Preheat your grill (or grill pan) over medium-high heat. Make sure it’s nice and hot for searing the steak.
Remove the flank steak from the marinade and let the excess drip off. Place the steak on the grill and cook for about 4-5 minutes on one side for medium-rare, flipping it only once. Adjust the time if you prefer a different doneness.
Once cooked to your liking, remove the steak from the grill and let it rest for about 5 minutes. This allows the juices to redistribute.
Slice the steak against the grain into thin strips. Serve with chopped fresh cilantro on top and lime wedges on the side for squeezing.
Notes
Letting the steak marinate longer enhances the flavor.