Add cashews and sliced carrots to a saucpan over medium heat. Bring to a boil and reduce heat to a simmer. Cook for 5 minutes, until the cashews and carrots are tender. Remove from heat to cool slightly, then drain the water.
Add cooked cashews, carrots, nutritional yeast flakes, lemon juice, miso, and spices to a food processor blender. Pulse until broken down into smaller pieces. Use a rubber spatula to wipe down the sides of the blender jar and lid.
Add water ½ cup at a time and pulse again, gradually turning up the speed to create a smooth consistency. Continue adding water until you achieve a desired consistency.
Let cool 5 to 10 minutes to thicken.
Serve immediately with toppings and tortilla chips.
Use immediately, or transfer sauce to an airtight container, cover, and refrigerate for up to 7 to 10 days.