Heat 1 tablespoon olive oil in a large saucepan over medium-high heat. Add the red onion and sauté for 5 minutes, stirring occasionally. Add the garlic and sauté for 1-2 minutes, stirring frequently, until fragrant.
Add the water, yellow split peas, bay leaf, salt, cumin and stir to combine. Continue cooking until the mixture reaches a simmer. Then reduce the heat to medium-low and simmer for 20-25 minutes, until the yellow split peas have completely softened.
Discard the bay leaf. Then, using an immersion blender (or see alternatives below), purée the mixture until smooth.
Remove saucepan from heat. Stir in the lemon juice and remaining 2 tablespoons olive oil until combined. Then taste the dip, and season with extra salt and/or lemon juice if needed. The fava will thicken considerably as it cools.
Garnish with a pinch of smoked paprika and any other preferred toppings, then serve and enjoy! Leftovers can be refrigerated in a sealed container for up to 3-4 days.