Roast onions, and red peppers for char marks using grill, broiler, or grill pan.
Blend charred onions, peppers in a food processor, and an immersion blender.
Combine grilled peppers, onions, and spices in a processor, and puree for smoothness.
Simmer sauce, bay leaves in a medium saucepan over low heat.
Let sauce cool, remove bay leaves, and blend further in the food processor.
Mix remaining lemon juice, zest, and vinegar until the sauce is very smooth.
Add olive oil in a thin stream to the processor for emulsification.
Store Pepes Sauce in a glass jar in the fridge for later use.