Toast almonds and garlic in a small saucepan over medium heat for about 3 minutes, until the almonds are pale golden and fragrant. Transfer to a food processor. Tear the bread into chunks into the food processor. Pulse until the bread and nuts turn to crumbs.
Add the red peppers, vinegar, paprika and salt and whiz until well blended. With the motor running, slowly drizzle in the olive oil and process until the mixture has the consistency of thick mayonnaise, scraping down the sides of the bowl.
Serve with pitas, slices of crusty baguette, cooked tail-on shrimp, naan or veggies.
Makes about 1 cup.