Preheat oven to 450. In a small bowl, mix garlic powder, chili powder, salt, black pepper and cayenne. Sprinkle evenly over both sides of tilapia.
Coat a baking sheet with 1 tbsp of the oil. Arrange tilapia in a single layer on the baking sheet. Drizzle tilapia with remaining tbsp of olive oil and bake until golden brown and flesh begins to flake, 7 to 9 minutes. Serve with lime wedges on the side.
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