in a medium mixing bowl beat cream cheese with an electric mixer on medium speed until smooth. Stir in olives, lemon peel, garlic powder, and black pepper; set aside.
Warm tortillas according to package directions. Spread olive mixture evenly onto tortillas; arrange basil leaves and sweet pepper strips down the center. Roll tortillas parallel to the sweet pepper strips. Wrap rolls tightly with plastic wrap; refrigerate for 2 to 4 hours. To serve, trim off ends of each roll; makes 10 servings, about 40 slices.