In a small mixing bowl, whisk together all of the marinade ingredients well. Taste and adjust seasoning as desired. Set aside.
Slice the onions and peppers and add to a plastic ziplock gallon sized bag or a shallow dish. Pat the flat iron steak dry with a paper towel and then place it in a separate plastic bag.
Pour 1/4 cup of the prepared marinade over the sliced vegetables. Seal the bag and toss to combine and coat all of the onions and peppers. Pour remaining steak marinade over the meat and seal, and allow the marinade to fully coat the steak. Refrigerate the meat and veggies for about 1-4 hours. Try not to exceed 6 hours as the lime juice's acidity can cause the steak to become less tender if left too long.
15-30 minutes before cooking, remove the steak and vegetables from the refrigerator. Heat a 10-12 inch cast iron skillet to medium-high heat. When the pan is super hot, brush it lightly with olive oil.
Remove the steak from the marinade and allow excess marinade to drip off. Place the steak on the hot skillet and allow it to cook undisturbed for about 3-4 minutes. Flip and cook another 3-4 minutes or until desired doneness. You want to pull your steak off just before it reaches your desired temperature: 145°F for medium rare beef, 160°F for medium, and 170°F for well done.
When the steak is cooked, remove it from the pan and rest on a dish tented with foil. Add the onions and peppers along with the marinade in the bag to the skillet and cook until tender but still crisp. This will usually take about 4-5 minutes.
Once the vegetables are done and the meat had rested, slice the steak into very thin strips, cutting against the grain and add back into the skillet to toss with the onions and pepper. Serve immediately in warm tortillas with your favorite toppings!