Heat 1 Tablespoon oil in a large skillet. Add steak to the hot pan and sprinkle with cumin, salt and pepper. Fry on each side until steak is about medium rare* (or just below desired doneness), knowing that it will cook about another level in the oven. Slice steak into bite-sized strips.
Place a layer of chips in baking pan. Top with half of the grated cheese, then add another layer of chips. Top with steak strips and remaining cheese, then place in preheated 400 F oven.
In the pan the steak cooked in, heat remaining 1 Tablespoon of oil. Add peppers and cook on medium high until limp. Add garlic and lime juice and cook for another mintue. Remove from heat.
When cheese is melted and chips are crisp, remove nacho pan from the oven. Top with sautéed peppers and remaining cold toppings (tomatoes, avocados, onion, cilantro, sour cream if using).
Serve immediately, perhaps with a side of spicy salsa or jalapenos for heat lovers.
Notes
FDA would want me to warn you that underdone meat is more dangerous than well done.
I am not a health professional and nutrition data is calculated programatically. Accuracy may vary with product selection, calculator accuracy, etc. Consult a professional for the best information.