Bring a pot of salted water to a boil. Add the potatoes, simmer until tender. A fork easily slides in and out. Then drain well.
Heat a non-stick pan on medium to medium low heat. Once hot, add half of the oil, along with the onion and peppers. Sauté until soft then add in the potatoes, chili powder (to taste), garlic powder, salt and pepper. Continue to saute until you get a nice golden brown color on the potatoes.
Heat a non-stick pan on medium heat. Once hot, add the remaining oil. Crack the eggs on a flat surface and into the pan. Cook until the whites of the eggs start to set and become firm. Add a tablespoon or two of water and cover with a lid to finish firming up the whites the eggs while keeping the yolks soft, about 1 to 2 minutes. Season with salt and pepper.