Heat the olive oil in a large stock pot over medium heat. Add the onion and red bell pepper. Cook for about 8-10 minutes or until tender. Add the garlic, red curry paste, chili paste, and lemongrass paste. Cook, stirring continuously, for about a minute. Add the red lentils, vegetable stock and water. Bring the mixture to a boil and then reduce to a simmer. Simmer for about 15 minutes or until the lentils are soft.
Transfer the soup to the pitcher of your blender in batches and puree until smooth. Be careful with this step, and cover the blender with a kitchen towel and hold down with your hand. A lot of pressure builds up in that blender when hot liquid is added. Alternatively, you may use an immersion blender.
Transfer the soup back to the stock pot. Stir in the coconut milk, soy sauce, and lime juice. Cook for an additional 5 minutes. Season to taste with salt and black pepper where needed.
Serve the soup garnished with sliced sugar snap peas, chopped cilantro and a drizzle of olive oil. Enjoy warm!