To a large pot or dutch oven over medium heat, add the oil. Add the curry powder and cinnamon and cook, stirring often, until the spices are fragrant, about 2 minutes.
Add the onion and cook 2-3 minutes, followed by the carrots, ginger, and garlic, salt, sugar, and tomato paste. Cook, stirring, for 2 minutes more.
Pour in the water, coconut milk, lentils, and chickpeas. Stir and bring to a simmer. Cook uncovered, stirring occasionally, for 25 minutes or until the lentils are tender and the soup has thickened.
At the very end, stir in the lime juice. Taste for seasoning and serve with fresh cilantro and lime wedges.