In a mixing bowl, combine olive oil, salt, black pepper, garlic powder, onion powder, smoked paprika, and cayenne pepper.

Rub the marinade all over the tri-tip roast, ensuring to cover every inch.

Let the seasoned tri-tip rest for at least 30 minutes at room temperature or refrigerate for several hours.

Preheat your grill to medium-high heat or your oven to 425°F.

Sear the tri-tip directly over the heat for about 4-5 minutes per side.

Move the tri-tip to a cooler part of the grill or reduce the oven temperature to 350°F.

Use a meat thermometer to check for doneness; aim for 135°F for medium-rare.

Once cooked, let the tri-tip rest for 10-15 minutes before slicing.

Slice against the grain for the most tender bites.