2 dried ancho chiles
2 small red bell peppers
1/2 cup hazelnuts
1/2 cup blanched almonds, toasted
4 garlic cloves, chopped
1 (1-ounce) slice bread, toasted
1/4 cup red wine vinegar
2 tablespoons tomato paste
4 teaspoons sweet smoked paprika
1/4 teaspoon ground red pepper
2/3 cup extra-virgin olive oil
1/4 cup hot water
1/2 teaspoon salt

2 dried ancho chiles 2 small red bell peppers 1/2 cup hazelnuts 1/2 cup blanched almonds, toasted 4 garlic cloves, chopped 1 (1-ounce) slice bread, toasted 1/4 cup red wine vinegar 2 tablespoons tomato paste 4 teaspoons sweet smoked paprika 1/4 teaspoon ground red pepper 2/3 cup extra-virgin olive oil 1/4 cup hot water 1/2 teaspoon salt

1. Place ancho chiles in a small saucepan. Cover with water; bring to a boil. Remove from heat; cover and let stand 20 minutes. Drain well. Remove stems, seeds, and membranes from chiles; discard. Place chiles in a medium bowl.

2. Preheat broiler.

3. Cut bell peppers in half lengthwise; discard seeds and membranes. Place pepper halves, skin sides up, on a foil-lined baking sheet; flatten with hand. Broil 10 minutes or until blackened. Place in a paper bag; fold to close tightly. Let stand for 15 minutes. Peel and cut into 2-inch pieces. Add bell peppers to chiles.

4. Reduce oven temperature to 350°.

5. Arrange hazelnuts in a single layer on a baking sheet. Bake at 350° for 8 minutes or until toasted. Turn nuts out onto a towel. Roll up towel; rub off skins. Place hazelnuts in a food processor. Add almonds, garlic, and bread to food processor; process 1 minute or until finely ground. Add chile mixture, vinegar, tomato paste, paprika, and ground red pepper; process 1 minute or until combined. With processor on, slowly pour oil through food chute; process until well blended. Add 1/4 cup hot water and salt; process 10 seconds or until combined.

Note: Store in an airtight container in the refrigerator for up to two weeks.