Place potatoes in a large saucepan and cover with water; cover and bring to a boil. Reduce heat; cook for 20-30 minutes or until tender. Drain and place in a large bowl.
In a jar with a tight-fitting lid, combine the oil, vinegar, sugar, chili powder, hot pepper sauce, salt, onion powder and cumin; shake well. Pour over potatoes and toss to coat. Cover and refrigerate for at least 1 hour.
Just before serving, stir in the corn, olives, cilantro and peppers.
Wear disposable gloves when cutting hot peppers; the oils can burn skin. Avoid touching your face.