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Heat the oil in a large pot or Dutch oven over medium heat.
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Add in the onion, red bell pepper, butternut squash and sauté until the vegetables begin to soften, about 5 minutes.
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Stir in the tomato and sauté until it begins to soften and break down a bit, about 3 to 5 minutes.
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Add in the garlic, turmeric, smoked paprika, cumin, garlic powder, cayenne pepper, and sauté until fragrant, about 1 minute.
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Stir in the vegetable broth, lentils, bay leaves, worcestershire sauce, and salt to taste. Cover the pot and simmer until the lentils are nice and soft, about 40 to 50 minutes, stirring occasionally. If the broth level gets too low, just add a touch more water.
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Stir in the coconut milk and simmer for about 2 to 3 more minutes to let the flavors meld.
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Carefully remove the bay leaves. Taste and add more salt, if needed. Ladle the stew into bowls and add any toppings, if using. Enjoy!