Preheat oven to 425 degrees Fahrenheit; line large sheet pan with aluminum foil.
Thaw top sirloin in refrigerator overnight; remove from refrigerator, slice against the grain into 1/2” slices, season with salt and pepper, and bring to room temperature over about 20 minutes.
Lay frozen fries on sheet pan and cook for 20 to 24 minutes until browned and crispy, flipping halfway through cook time.
In a large saucepan on medium-high heat, add grapeseed oil and half of steak slices and brown about 45 seconds to 1 minute on each side, then remove from pan; repeat for second batch.
Add olive oil and sauté onions, red bell pepper, garlic, tomato paste, and paprika for 45 seconds.
Add tomatoes and sauté for 90 seconds, until they start to soften.
Add sriracha sauce and lime juice and sauté for an additional 15 seconds, then add water; bring to a boil, then reduce to medium heat.
Continue to cook for 6 to 7 minutes until sauce is reduced by about 1/3 in volume and thickened to sauce-like consistency.
Add steak back to pan and simmer and baste in sauce for 1 minute.
Reduce to low heat, add hot fries and cilantro, and toss until well-coated; season to taste with salt and pepper. Chefs Note: Traditional Peruvian Lomo Saltado is tossed with French fries, but you can serve fries on the side if you prefer.
Serve over white rice or with rice on the side.