Sauté the Onions and Garlic: Heat the olive oil in a medium saucepan over medium heat. Add the sliced red onion and cook for about 2 minutes, stirring frequently, until the onions begin to soften. Add the sliced garlic and cook for an additional minute until fragrant.
Combine the Peas and Herbs: Add the rinsed and drained yellow split peas to the pot. Stir in the thyme, oregano, and the remaining olive oil. Mix well, coating the peas in the onion and garlic mixture.
Simmer the Split Peas: Pour in the water and bring to a boil. Reduce the heat to low and simmer for 30-40 minutes, stirring occasionally, until the split peas are soft and most of the water is absorbed. Add more water if needed during cooking.
Blend the Dip: Remove the pot from heat then add the salt and black pepper. Next add the lemon juice inside. Use an immersion blender (or transfer to a food processor) to blend the mixture into a smooth, creamy texture.
Taste and Adjust: Taste the dip and adjust the seasoning with more salt, pepper, or lemon juice if needed.
Serve and Garnish: Transfer the fava dip to a serving dish. Drizzle with olive oil and garnish with any of your favourites such as diced red onions, capers, parsley, or dill if desired.