Bloom Spices: In a large Dutch oven or heavy-bottomed pot, warm the olive oil over medium heat. Add the smoked paprika, turmeric, black pepper, and cinnamon. Stir constantly for 45 seconds until the spices are fragrant.
Build the Base: Add the diced onion and carrots to the pot. Sauté for 6-8 minutes, stirring occasionally, until the onions are soft and translucent. Stir in the minced garlic and grated ginger and cook for one more minute until aromatic.
Deepen Flavor: Add the tomato paste to the center of the pot. Cook for 2 minutes, stirring it into the vegetables to caramelize and deepen its flavor. Add the cubed butternut squash and toss to coat everything in the spice mixture.
Simmer: Pour in the no-salt-added vegetable broth, using a spoon to scrape any browned bits from the bottom of the pot. Stir in the rinsed lentils, kosher salt, and the bay leaf. Increase heat and bring to a gentle boil.
Cook: Once boiling, reduce the heat to medium-low, cover the pot, and let it simmer for 45-55 minutes. Stir every 15 minutes to prevent sticking. The stew is ready when the lentils are tender and the squash can be easily pierced with a fork.
Finish: Remove the pot from the heat and discard the bay leaf. Stir in the drained garbanzo beans and the fresh lemon juice. Let the stew rest for 5 minutes to allow the flavors to meld together.
Serve: Ladle the stew into bowls and top generously with fresh cilantro and chopped peanuts.