Add the cashews to a small heatproof bowl and cover with boiling water. Soak for 1 hour, then drain.
Heat the olive oil in a medium pan over medium heat. Add onion and garlic and cook until the garlic is fragrant and the onion begins to soften, about 2 minutes.
Add carrots and chiles. Continue to cook for another 3-4 minutes, or until the onions are translucent and the chiles are tender.
Add the cumin and chili powder and stir well to coat the vegetables.
Increase the heat to medium-high and add the vegetable stock. Bring to a simmer before covering and cooking for 15 minutes.
Transfer the vegetable mixture to a blender with the soaked cashews, nutritional yeast, salt, pepper, and milk alternative to the blender on top of the sautéed vegetables. Puree until smooth and creamy, adding more milk alternative to adjust the consistency if necessary.
Pour the queso into a shallow bowl or serving dish.
Garnish with additional chiles and chopped cilantro. Serve with tortilla chips.