In a small bowl, combine chili powder, ground cumin, smoked paprika, dried oregano, cayenne pepper, salt, and black pepper to create the fajita seasoning.
Pat the shrimp dry with paper towels and toss them with half of the fajita seasoning mixture.
Heat olive oil in a large skillet over medium-high heat.
Add the seasoned shrimp to the skillet and cook for 2 minutes on each side or until shrimp are pink and opaque. Remove shrimp from the skillet and set aside.
In the same skillet, add the sliced red, green, and yellow bell peppers and the sliced onion.
Sprinkle the remaining fajita seasoning over the vegetables and sauté for 5 to 6 minutes, stirring occasionally, until the vegetables are tender-crisp.
Add the minced garlic and cook for an additional 1 minute until fragrant.
Return the cooked shrimp to the skillet and stir to combine with the vegetables.
Remove the skillet from heat and drizzle fresh lime juice over the shrimp and vegetables. Stir to combine.
Warm the flour tortillas according to package instructions.
Serve the shrimp fajita mixture hot, garnished with fresh cilantro leaves, alongside the warm tortillas.