Preheat the grill to medium-high heat (about 400°F).
In a small bowl, mix together the olive oil, garlic powder, onion powder, smoked paprika, salt, and black pepper to create a marinade.
Rub the marinade evenly over both sides of the bison ribeye steaks. Let them sit at room temperature for about 15-20 minutes to absorb the flavors.
Place the steaks on the grill and cook for 4-5 minutes on one side. Flip the steaks and grill for an additional 4-5 minutes for medium-rare, or longer if desired.
Remove the steaks from the grill and let them rest for 5 minutes before slicing. This allows the juices to redistribute.
Garnish with fresh herbs if desired and serve immediately.