In a mixing bowl, combine the olive oil, lime juice, minced garlic, chopped cilantro, cumin, chili powder, salt, and pepper, whisking thoroughly to create a uniform marinade.

Place the flank steak in a glass or non-reactive dish, and pour the prepared marinade over the meat, ensuring both sides are generously coated. Cover the dish with plastic wrap and refrigerate for a minimum of 1 hour, or up to 4 hours for deeper flavor. Alternatively, the steak may be marinated in a sealed plastic bag.

Preheat a grill to medium-high heat. Transfer the steak to the grill and sear each side for 5 to 7 minutes, until the exterior is charred and the interior reaches the desired doneness.

Remove the meat and allow it to rest on a cutting board for 5 minutes to retain its juices.

Using a sharp knife, carve the carne asada thinly against the grain at a slight angle. If desired, chop the slices into smaller bite-sized pieces for serving.