Rinse lentils and remove any stones or foreign objects, then set aside.
In a large pot over medium fire, add oil. When oil is hot add red and green peppers, onion, carrot, garlic and ginger and cook until the vegetables soften, about 5 minutes.
Next add lentils, thyme, bay leaves, hot pepper, black pepper, salt, bouillon, vegetable broth and coconut milk and bring to a boil. Reduce to simmer and cook for 35-45 minutes or until the lentils are tender but not mushy and the broth has thickened.
Serve warm over rice!