Heat the olive oil in a large pot over medium heat. Add the onion and garlic and cook until the onion softens and turns translucent.
Stir in the sliced carrots and cook for 3 minutes to start softening them.
Add the tomato paste and dried thyme. Stir and cook for 1 minute to toast the paste slightly.
Pour in the red wine and scrape the bottom of the pot to release any browned bits.
Add the rinsed lentils, vegetable broth, and bay leaves. Bring the mixture to a boil.
Reduce the heat to low, cover the pot, and simmer for 25 to 30 minutes until the lentils are tender but still hold their shape.
Season with salt and black pepper. Remove the bay leaves before serving or storing.