Bring the tomato juice and the water with the red lentils to the boil briefly and simmer for 10 minutes. Core and dice the peppers, add to the lentils and cook for another 5 minutes. Puree the mixture, add the parsley and basil and season with salt and pepper.
Put the mixture in a fine sieve and let the excess liquid drain off until the spread has reached a firm consistency. Let cool down.
If you like it chunky, you can only add part of the peppers after pureeing or, e.g., add a small, diced onion.