Heat vegetable oil in a heavy-bottomed pot over medium heat.
Add the diced onion and sauté for approximately 5 minutes until translucent.
Incorporate the minced garlic and grated ginger; cook for 60 seconds until aromatic.
Add the curry powder, turmeric, and cayenne pepper, stirring constantly for 30 seconds to toast the spices.
Add the rinsed red lentils and vegetable broth to the pot; bring the mixture to a rolling boil.
Reduce the heat to low, cover the pot, and simmer for 15 minutes or until lentils are tender and have absorbed most of the broth.
Stir in the coconut milk and continue to simmer uncovered for 5 minutes until the curry reaches a thick, creamy consistency.
Remove from heat and stir in the lime juice and salt.
Garnish with chopped cilantro and serve immediately.