In a bowl, combine olive oil, lime juice, minced garlic, ground cumin, paprika, black pepper, salt, dried oregano, and chili powder (if using).
Place the beef steak in a resealable plastic bag or shallow dish.
Pour the marinade over the steak, ensuring it's well coated.
Seal the bag or cover the dish and refrigerate for at least 2 hours, or overnight for the best flavor.
Preheat a grill to medium-high heat.
Remove the steak from the marinade and let any excess marinade drip off.
Grill the steak for about 5-7 minutes on each side, or until it reaches your desired level of doneness (medium-rare to medium is common for carne asada).
Let the steak rest for about 5 minutes after grilling to allow the juices to redistribute.
Slice the steak thinly against the grain.
Garnish with chopped fresh cilantro.
Enjoy your meal!