Add two tablespoons of olive oil to a large skillet set over medium heat. Add the bell peppers and red onion. Season with salt and black pepper, to taste, and stir to combine. Cook, stirring occasionally until the vegetables soften and develop a bit of color, approximately 10 minutes.
Transfer the veggies to a plate and add the shrimp to the skillet. (Add a little more olive oil, if necessary). Sprinkle with ground cumin, chili powder, and garlic powder. Season with salt and black pepper, to taste, and cook just until the shrimp turns opaque approximately 3-4 minutes. Do not overcook.
To serve, divide the seasoned rice between four serving bowls and top each bowl with the cooked vegetables and shrimp. Garnish with additional cilantro and lime wedges, if desired. Enjoy!