In a large mixing bowl, combine the softened cream cheese, shredded cheddar cheese, garlic powder, onion powder, salt, and pepper. Mix until smooth and well blended.
Lay a tortilla flat on a cutting board. Spread a generous amount of the cream cheese mixture evenly over the entire surface of the tortilla, leaving a small border at the edges.
Evenly distribute the sliced bell peppers, chopped spinach or lettuce, and sliced black olives over the cream cheese layer.
Starting at one edge, carefully roll the tortilla tightly away from you, ensuring the filling stays in place. Once rolled, press the edge to seal it.
Repeat the process with the remaining tortillas and filling.
For best results, wrap each rolled tortilla in plastic wrap and refrigerate for at least 30 minutes to firm up.
When ready to serve, remove the wraps from the plastic, and slice each roll into bite-sized pieces (about 1-inch thick).
Arrange the roll-ups on a serving platter and enjoy!