Bring a large pot of salted water to a boil and cook your pasta until al dente, about 8-10 minutes. Drain and set aside.
While the pasta cooks, drain the soaked cashews and add them to your blender along with nutritional yeast, plant-based milk, lemon juice, smoked paprika, miso paste, and roasted peppers. Blend on high until completely smooth and creamy, about 1-2 minutes. The sauce should be silky and vibrant red.
Pour the blended sauce into a saucepan set over medium heat. Warm gently, stirring constantly, until it begins to bubble lightly and thickens slightly, about 3-5 minutes. You’ll notice the aroma deepen as the flavors meld.
Add the cooked pasta to the sauce in the pan. Use a spatula to toss and coat the pasta evenly, allowing the sauce to cling to each piece. Continue cooking for another 2 minutes, so the flavors come together and the sauce becomes glossy.
Check the consistency and flavor—if the sauce is too thick, stir in a splash more plant-based milk. Taste and adjust with additional lemon juice or smoked paprika if desired.
Remove from heat and let sit for a minute or two. The sauce should be velvety, cheesy, with a smoky undertone, ready to serve.