Prep the produce: Deseed the red bell peppers and roughly chop. For the chilies, remove stems; keep seeds if you want more heat. Quarter the red onion.
Peel the garlic.
Air-fry the vegetables: Toss peppers, chilies, onion, and garlic with 1 tablespoon olive oil and a pinch of salt. Air fry at 400°F (200°C) for 10–14 minutes, shaking once halfway, until edges are charred and softened.
Cool briefly: Let the roasted vegetables sit for 5 minutes so steam escapes. This keeps the sauce from tasting steamy or diluted.
Blend the base: Add roasted vegetables to a blender with lemon zest and juice, red wine vinegar, paprika, oregano, bay leaf (remove after blending if using whole), 1 teaspoon salt, and a few grinds of black pepper.
Stream in oil: With the blender running on low, drizzle in 1/3 cup olive oil until the sauce becomes smooth and glossy.
Add more oil for a silkier texture if you like.
Taste and adjust: Add honey if it’s too sharp, more vinegar if it’s flat, or a splash of water to thin. For extra heat, blend in another chili.
Optional simmer: For a deeper, rounder flavor, pour the sauce into a small pan and simmer on low for 5–7 minutes. This mellows the raw acidity and spices.
Let cool.
Use or store: Transfer to a clean jar. The flavor improves after a few hours as it settles and melds.