1. In a small skillet, toast cumin and coriander over medium heat, shaking pan, until lightly browned and fragrant, about 3 minutes. Let cool in a bowl.
2. In a medium bowl, combine peppers, chiles, cumin and coriander. Use a vegetable peeler to shave carrots into bowl.
3. In a small pan, bring vinegar and sugar to a boil. Pour over vegetables. Stir in salt and bay leaves. Let cool to room temperature. Serve immediately or refrigerate up to 1 day.