Heat the oil in a large cast iron skillet over medium heat.
Once the oil is very hot, add the potatoes to the skillet.
Begin to brown the potatoes, stirring constantly for the first 2 minutes to avoid sticking.
When the potatoes are about half browned, after about 10 minutes, add the peppers and onion and stir. Cook until the vegetables are beginning to soften, about 5 minutes.
Add the paprika, garlic powder, onion powder, salt, and pepper, and stir to coat.
Continue cooking until the potatoes can be pierced easily with a fork, about 5 minutes longer.
Remove the potatoes from the skillet immediately to serve.