Heat the olive oil over medium heat in a small saucepan. Add the onions, garlic, scotch bonnett peppers, sweet pepper and spices and cook, stirring occasionally, until very soft, about 10 minutes. Do not brown.
Transfer the cooked onion mixture to a blender and add the red peas, salt, lime juice, water and spices. Blend until smooth (you may need to stop and stir a few times to help out the blender). If the spread is too thick, add more water or lime juice, little by little, to thin it out. Taste and adjust seasoning, then transfer to a serving bowl.
Serve warm, cold or room temperature with crackers or bread. Once cool, store in the fridge for up to 5 days.