Wash the bell peppers thoroughly.
Slice the peppers into thin strips.
Heat olive oil in a large skillet.
Set the heat to medium.
Add the sliced peppers to the skillet.
Cook the peppers for 5 minutes.
In a bowl, combine vinegar and sugar.
Add salt, pepper, garlic powder, and onion powder.
Pour the vinegar mixture over the peppers.
Stir well to combine all ingredients.
Reduce the heat to low.
Cook for 20-25 minutes, stirring occasionally.
Let the peppers cool completely.
Transfer to an airtight container for storage.