Remove the tri-tip from the refrigerator and let it rest at room temperature for 30 minutes to ensure even cooking.

In a small bowl, combine kosher salt, black pepper, garlic powder, onion powder, and smoked paprika to create the spice rub.

Rub the olive oil all over the tri-tip to help the spice rub adhere and add moisture.

Generously coat the tri-tip with the spice rub, pressing it firmly into the meat.

Preheat your Traeger smoker to 225°F and allow it to heat for 15 minutes.

Place the tri-tip on the smoker grate, fat side up, and smoke at 225°F for approximately 2 hours until the internal temperature reaches 130°F for medium-rare.

Use a meat thermometer to check the internal temperature, aiming for 130°F for medium-rare doneness.

Remove the tri-tip from the smoker, wrap it in aluminum foil, and rest for 15 minutes before slicing.