Boil the diced potatoes in salted water until tender, about 10 minutes, then drain well.
Mash the potatoes with butter, milk, garlic powder, onion powder, smoked paprika, salt, and pepper until smooth and creamy.
Lay out one flour tortilla and evenly spread about a quarter of the mashed potato mixture on half of it.
Sprinkle shredded cheddar cheese over the mashed potatoes, then fold the tortilla over to create a half-moon shape.
Heat olive oil in a skillet over medium heat and cook each tortilla bite for 3-4 minutes per side until golden brown and the cheese is melted.
Alternatively, place the folded tortillas on a baking sheet and bake at 375°F (190°C) for 15-20 minutes until crispy and the cheese is melted.
Remove from heat, let cool slightly, then cut into bite-sized pieces and serve warm.