In medium mixing bowl beat cream cheese with an electric mixer on medium speed until smooth. Stir in olives, lemon peel, garlic powder, and 1/4 teaspoon black pepper; set aside.
Warm tortillas according to package directions. Spread olive mixture on each tortilla; arrange basil leaves and sweet pepper strips along center. Roll tortillas parallel with sweet pepper strips. Wrap in plastic; refrigerate 2 to 4 hours. To serve, trim off ends of each roll; cut rolls in 1/2-inch slices. Makes 10 servings (about 40 slices).