Place the cashews in a bowl and cover with water. Allow to soak for a minimum of 4 hours but preferably overnight.
Preheat the oven to 175 degrees Celsius (350 degrees Fahrenheit)
Place the peppers and peeled garlic cloves on a baking tray and drizzle with olive oil. Bake in the oven for approximately 35-40 minutes or until the peppers have wilted and the skin begins to darken. Remove from the oven and allow to cool
Once cool enough to handle, remove the skin from the peppers, cut in half and take out the seeds and stem.
Place the peppers, garlic cloves, drained cashews and 3 tbsp of water in a blender. As the mixture becomes smooth continue to add 2-3 tablespoons more of water until the dip reaches your desired consistency (you may need to add more or less depending on the softness of the cashews). Season with salt and pepper and serve