Heat the olive oil in a large pot over medium heat. Add the onion and cook until it softens, about 5 minutes.
Stir in the garlic, carrots, and red bell pepper. Cook for another 3 minutes until the vegetables start to brighten.
Add the lentils, diced tomatoes, chipotle peppers, vegetable broth, cumin, and oregano. Stir everything together.
Bring the mixture to a gentle boil, then lower the heat and cover the pot. Simmer for 25 to 30 minutes until the lentils are tender.
Taste and season with salt and pepper. Ladle the stew into bowls and top with chopped cilantro. Serve with lime wedges on the side.