Preheat the air fryer to 400°F (200°C).
In a medium bowl, combine shrimp, 1 tablespoon olive oil, chili powder, smoked paprika, ground cumin, garlic powder, onion powder, salt, and black pepper. Toss until shrimp are evenly coated.
Place the seasoned shrimp in the air fryer basket in a single layer. Cook for 6 minutes, shaking the basket halfway through cooking.
While the shrimp cooks, heat 1 tablespoon olive oil in a large skillet over medium heat.
Add the sliced red bell pepper, green bell pepper, and yellow onion to the skillet. Sauté for 6-8 minutes, stirring occasionally, until vegetables are tender and slightly caramelized. Remove from heat and set aside.
In a medium saucepan, bring 2 cups of water to a boil. Add 1 cup rice and 1/2 teaspoon salt. Reduce heat to low, cover, and simmer for 15 minutes or until rice is tender and water is absorbed.
Remove rice from heat and fluff with a fork. Stir in chopped cilantro and lime juice.
Divide the cilantro lime rice among four bowls.
Top each bowl with sautéed peppers and onions, then evenly distribute the cooked shrimp over the vegetables.
Optionally, garnish with shredded cheddar cheese, sour cream, and sliced avocado.
Serve immediately.