Bloom the Spices: In the soup pot, warm the olive oil over medium heat. Add the smoked paprika, turmeric, black pepper, and cinnamon, stirring constantly for 45 seconds until fragrant.
Build the Aromatic Base: Add the diced onion and carrots to the pot. Sauté for 6-8 minutes, stirring occasionally, until the onion becomes translucent. Stir in the minced garlic and grated ginger, cooking for another minute until their aroma is released.
Caramelize and Combine: Add the tomato paste to the center of the pot, cooking it down for 2 minutes to deepen its flavor. Stir it into the vegetables, then add the cubed butternut squash and toss everything to coat well in the spice mixture.
Deglaze and Simmer: Pour in the vegetable broth, scraping up any flavorful bits from the bottom of the pot. Add the rinsed lentils, kosher salt, and the bay leaf. Increase the heat to bring the mixture to a gentle boil.
Slow Cook to Perfection: Once boiling, reduce the heat to medium-low, cover the pot, and let the stew simmer for 45-55 minutes. Stir every 15 minutes to prevent sticking. The stew is ready when the lentils are fully cooked and the squash is fork-tender.
Finish and Brighten: 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 stand for 5 minutes for the flavors to meld.
Serve and Garnish: Ladle the warm stew into bowls. Top each serving generously with fresh cilantro and chopped peanuts.