Add chopped bacon to large pan over medium heat and cook for about 5 to 10 minutes until fat is rendered and bacon is cooked and starts to crisp up.
Remove bacon from pan and set aside. Leave rendered bacon fat in the pan.
Season chopped steak with salt and pepper to taste.
Add chopped rib eye steak to the pan and cook for about 2 to 3 minutes per side or until seared.
Remove chopped rib eye from the pan and set aside.
Add chopped onions and bell peppers to the pan and cook for about 3 to 5 minutes or until onion is well coated in the fat, stirring frequently with a wooden spoon to scrape off the browned bits on the bottom of the pan.
Add chopped steak and bacon back into the onion and bell pepper mixture, stir for about 1 to 2 minutes to reheat meat.
If using, add shredded cheese to the top of the mixture and stir until it melts, usually about 1 to 2 minutes.