Place cashews in a food processor and process to a coarse meal. Add nutritional yeast and spices and pulse to evenly distribute. Add lemon juice, vinegar and ⅓ cup water and puree, adding additional water as needed, to make a thick and creamy consistency.
Place cashew mixture in a bowl and fold in shredded carrots and diced pimentos. Season to taste with hot sauce. Serve immediately or cover and store chilled until ready to use.