Heat olive oil in a large skillet until shimmering.

Add bell pepper, onion, cayenne chiles, Thai chiles, garlic, and paprika to the skillet.

Cook over moderate heat, stirring occasionally, until the vegetables are softened (about 12 minutes).

Transfer the mixture to a blender.

Let the mixture cool slightly.

Add red wine vinegar, lemon juice, and water to the blender.

Puree until almost smooth.

Season the sauce with salt and pepper.

Transfer to a bowl.

Let stand at room temperature for about 1 hour before serving.