Prepare the marinade by whisking together lime juice, chili powder, cumin, garlic powder, salt, black pepper, and olive oil in a bowl.
Place the flank steak in a resealable plastic bag or shallow dish and pour the marinade over it, ensuring it's well-coated.
Preheat the grill to medium-high heat.
Remove the flank steak from the marinade and let excess liquid drip off. Discard the marinade.
Grill the flank steak for about 5-7 minutes per side, or until it reaches your desired level of doneness.
Once grilled, let the steak rest for 10-15 minutes before slicing.
Slice the flank steak against the grain into thin strips and garnish with chopped cilantro before serving.