In a large bowl, combine the olive oil, chili powder, cumin, smoked paprika, garlic powder, onion powder, salt, black pepper, and lime juice. Whisk together into a smooth seasoning paste.
Add the sliced chicken, bell peppers, and onion to the bowl. Toss everything together until the chicken and vegetables are evenly coated in the seasoning mixture.
Preheat the air fryer to 400°F for 2 minutes.
Spread the chicken and vegetables in the air fryer basket in a single, even layer. Depending on the size of your air fryer, you may need to cook in two batches for the best results.
Air fry for 10 to 12 minutes, shaking the basket or tossing the contents halfway through, until the chicken is cooked through and the peppers and onions have charred edges.
Warm the flour tortillas in the air fryer for about 30 seconds, or in a dry skillet on the stove.
Pile the chicken and vegetables onto the warm tortillas and serve with sour cream and guacamole on the side.