Preheat the oven to 400 degrees Fahrenheit (200 degrees Celsius). Place the red pepper on a baking sheet and bake in the oven for 25 minutes until the skin has blackened and the flesh is tender. Once cooked, remove from the oven and allow to cool before removing the skin and seeds.
In a dry frying pan on medium heat combine the cumin seeds, caraway seeds, coriander seeds and fennel seeds and toast for approximately 2 minutes until the seeds become fragrant. Transfer the seeds to a coffee grinder or mortar and pestle and grind.
In a food processor combine the ground spices, paprika, chili powder, garlic, salt, soaked ancho chili, roasted red pepper, and olive oil. Blend everything until it forms a thick paste.