Whisk olive oil, soy sauce, apple cider vinegar, brown sugar, minced garlic, smoked paprika, black pepper, and onion powder in a medium bowl until the sugar dissolves.
Place the beef ribs in a large, sealable plastic bag or a shallow baking dish, and pour the liquid mixture evenly over the meat.
Seal the bag (or cover the dish) and refrigerate for at least 4 hours, or ideally overnight, turning occasionally to ensure even coating.
Remove the meat from the refrigerator 30 minutes before cooking (grill, smoker, oven, or Instant Pot). Discard leftover soaking liquid.