Begin by trimming any excess fat or silver skin from the beef tenderloin using a sharp knife. This will ensure a more tender end result.

In a small bowl, mix together salt, black pepper, garlic powder, onion powder, and paprika to create a dry rub. Rub the entire surface of the beef tenderloin with olive oil, then generously season with the dry rub, making sure to coat all sides evenly.

Allow the seasoned beef tenderloin to marinate at room temperature for about 30 minutes, allowing the flavors to penetrate the meat.

Fire up your Pit Boss grill and set the temperature to 225°F. Add your choice of wood pellets (hickory or mesquite recommended) to the pellet hopper.

Once the grill reaches the desired temperature, clean and oil the grill grates to prevent sticking.

Place the seasoned beef tenderloin directly onto the preheated grill grates, close the lid, and let it smoke for about 90 minutes to 2 hours, or until the internal temperature reaches 135°F for medium-rare, as measured with a meat thermometer.

Throughout the smoking process, monitor the temperature of the grill to maintain a steady heat. Rotate the beef tenderloin halfway through cooking for even doneness.

Once the beef tenderloin reaches the desired internal temperature, carefully remove it from the grill and place it on a cutting board. Tent the tenderloin loosely with aluminum foil and let it rest for about 10 minutes to allow the juices to redistribute.

After resting, slice the beef tenderloin against the grain into thick, juicy slices. Arrange the slices on a platter and serve immediately.