In a medium bowl, mix together olive oil, lime juice, Worcestershire sauce, salt, onion powder, garlic powder, cumin, chili powder, and black pepper. Add the tri-tip steak, ensuring it is well coated.
Preheat your grill or a heavy skillet over medium-high heat. Remove the steak from the marinade, letting the excess drip off, and grill for about 20 minutes.
Transfer the steak to a cutting board and let it rest for 5 minutes. Then, slice it thinly against the grain to keep it tender.