Make cilantro-lime rice: Add cooked rice (still warm), lime juice, lime zest, cumin, and chopped cilantro to a large bowl. Season with salt and pepper and stir to combine. Cover to keep warm and set aside.
Cook vegetables: Heat 2 tablespoons olive oil in a large skillet over medium heat. Add sliced bell peppers and red onion. Season with salt and pepper. Cook, stirring occasionally, until vegetables soften and develop some color, about 10 minutes.
Transfer vegetables to a plate and set aside.
Cook shrimp: Add shrimp to the same skillet (add a bit more oil if needed). Sprinkle with cumin, chili powder, and garlic powder. Season with salt and pepper. Cook just until shrimp turns pink and opaque, 3-4 minutes. Don’t overcook!
Build bowls: Divide seasoned rice between 4 serving bowls. Top each with cooked vegetables and shrimp. Garnish with additional cilantro and lime wedges.