In a small mixing bowl, combine mayonnaise, liquid seasoning, onion powder, and water. Mix well until smooth. Set aside this sauce.
Heat cooking oil in a deep pan or pot. Add the tofu. Deep-fry until golden brown. Remove from heat. Use a strainer to drain oil. Set aside.
Heat about 2 tbsp of cooking oil in a pan. Add the onion. Sauté until fragrant.
Add the green and red bell peppers, and the fried tofu. Stir and cook for 1 minute.
Add half amount of the prepared sauce. Stir and cook for another 2 minutes. Turn off heat.
Heat a sizzling plate on the stovetop. Melt butter onto it.
Transfer the cooked tofu on the sizzling plate. Add the remaining sauce.
Serve while hot and enjoy your sizzling tofu ala Max’s!