First, heat one teaspoon of the vegetable oil in your large pan or wok over medium-high heat. Add the sliced red and green bell peppers and cook them for about 3-4 minutes. You want them to be tender but still have a slight crunch. Once cooked, remove the peppers from the pan and set them aside on a plate.
Add the remaining vegetable oil to the now-empty pan. Season your thinly sliced flank steak with salt and pepper. Turn the heat up to high, and once the pan is very hot, carefully add the steak in a single layer. Cook for 5-6 minutes, turning occasionally, until it's nicely browned.
Now, it's time to build flavor. Add the minced garlic and ginger to the pan with the steak. Stir constantly for about 30 seconds until they become fragrant. Be careful not to let them burn, as this can happen quickly on high heat.
Return the cooked peppers to the pan with the steak and give everything a good toss to combine. In your small bowl, whisk together the soy sauce, sugar, cornstarch, and 1/4 cup of water until the cornstarch is fully dissolved and the mixture is smooth.
Pour the sauce mixture over the steak and peppers. Bring the entire dish to a simmer, stirring gently. Let it cook for 2-3 minutes. The sauce will thicken and turn into a beautiful glaze that coats all the ingredients. Once the sauce has thickened, remove it from the heat and serve immediately.