Begin by adding two tablespoons of olive oil to a large skillet set over medium heat. Add in the bell peppers and red onion, then season with salt and black pepper, to taste. Stir to combine. Continue to cook, stirring occasionally, until the vegetables soften and develop a bit of color, around 10 minutes.
Transfer the vegetables to a plate and add the shrimp to the skillet adding a little more olive oil, if needed. Sprinkle with ground cumin, chili powder, and garlic powder, then season with salt and black pepper, to taste. Cook just until the shrimp turns opaque, about 3-4 minutes. Be sure not to overcook.
To serve, divide the cilantro rice between four serving bowls and top each bowl with the cooked vegetables and shrimp. Garnish with lime wedges and a bit of fresh cilantro, if desired.
Calories are an estimate and do not include cilantro rice