In a frying pan, heat the olive oil over medium heat until shimmering hot but not smoking, about 1 minute.
Remove from the heat and add the dried chilies and spices to toast for about 30 seconds.
Combine the spiced oil with bell pepper, vinegar, lemon zest and juice, garlic, and salt.
Using a food processor or immersion blender, purée into a thick paste, adding a splash of water at a time if needed to keep it all moving.
Store in the fridge up.