Slice the flank steak across the grain into strips about 1/8 inch thick. If the steak is wide, cut it lengthwise into two or three long pieces first so the slices are bite sized. Firming the meat in the freezer for 20 minutes makes this much easier.
In a bowl, mix the sliced beef with 3 tbsp of the minced lemongrass, the garlic, fish sauce, sugar, cornstarch and black pepper. Toss well with your hands so every slice is coated. Leave at room temperature for 20 minutes while you cut the vegetables.
Heat 1 tbsp of the oil in a 12 inch skillet or wok over high heat until it just starts to smoke. Add half the beef in a single layer, spread out, and leave it alone for 60 to 90 seconds until the underside is browned. Toss and cook another 30 seconds, then tip onto a plate. Wipe out any burnt bits and repeat with the second half of the beef.
Add the remaining 1/2 tbsp oil to the pan, then the onion wedges and bell pepper. Stir fry over high heat for 2 minutes until the edges char but the onion still has some bite.
Add the remaining 1 tbsp lemongrass and the sliced chilies and stir for 30 seconds until fragrant.
Return the beef and any juices on the plate to the pan. Toss everything together over high heat for 1 minute so the juices reduce into a thin glaze that clings to the meat. Turn off the heat, add the lime juice, taste and add a splash more fish sauce if it needs salt.
Top with the cilantro and serve straight away with jasmine rice, or portion into containers for the week.