Slice the steak. Cut the flank steak into thin strips, slicing against the grain so the pieces stay tender.
Marinate. Place the steak strips in a zip-top bag. Add the oil, vinegar, lime juice, garlic powder, jalapeño, cilantro, cumin, and salt. Seal and massage the marinade into the meat. Refrigerate at least 30 minutes — 4 hours or overnight is best.
Prep the vegetables. Toss the sliced bell peppers and onion with the oil, salt, and cumin until evenly coated.
Preheat. Remove the steak from the fridge about 15 minutes before cooking. Preheat the air fryer to 400°F (200°C).
Cook. Add the steak and vegetables to the basket in a single, even layer (work in batches if needed). Air fry at 400°F for 8–10 minutes, tossing halfway through, until the steak is seared and the peppers and onions are tender-crisp and lightly charred.
Rest and serve. Let the steak rest 2–3 minutes. Pile onto warm tortillas, add your favorite toppings, and enjoy.