Preheat the oven to 425°F (220°C) and line a large sheet pan with parchment paper if desired.
Add the sliced bell peppers and red onion to the sheet pan.
Drizzle with the olive oil, then sprinkle over the chili powder, cumin, smoked paprika, garlic powder, onion powder, oregano, salt, and black pepper.
Toss everything together until the vegetables are evenly coated, then spread them into a single layer.
Roast for 20-25 minutes, stirring halfway through, until the vegetables are tender and lightly caramelized around the edges.
Remove from the oven and drizzle with the fresh lime juice.
Garnish with chopped cilantro, if using, and serve warm.