Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and minced garlic to the pot and sauté until the onion becomes translucent and fragrant.
Add the sliced carrots to the pot and cook for a few minutes, stirring occasionally.
Pour in the diced tomatoes and vegetable broth. Stir well to combine.
Sprinkle in the cumin, paprika, dried thyme, salt, and pepper. Give it another good stir.
Bring the stew to a boil, then reduce the heat to low. Cover the pot and let it simmer for about 20-25 minutes or until the carrots are tender.
Once the carrots are cooked, remove the pot from the heat and let it cool slightly.
Use an immersion blender or transfer the stew to a blender or food processor to puree until smooth. Be careful as the mixture will be hot.
Return the pot to the stove and reheat the carrot stew over low heat until warmed through.
Taste and adjust the seasoning if needed.
Serve the carrot stew in bowls, garnished with fresh parsley if desired.