Combine first 6 ingredients; set aside.
Heat oil in a large Dutch oven over medium heat. Add onion; cook 3 minutes or until tender, stirring frequently. Add garlic; cook 15 seconds, stirring constantly. Add spice mixture; cook 30 seconds, stirring constantly. Add potato, squash, and bell pepper, stirring to coat with spice mixture; cook 1 minute, stirring constantly. Stir in water and coconut milk, scraping pan to loosen browned bits; bring to a boil. Cover, reduce heat, and simmer 25 minutes or until potato is tender. Sprinkle with cilantro.