Soak the beans: Place fava beans and red lentils in a large bowl, cover with several inches of water, and soak overnight. The next day, agitate the beans in the water, then drain and rinse.
Cook the beans (stovetop): Place the beans in a heavy-bottomed pot and cover with water by 1–2 inches. Bring to a boil over high heat, then reduce heat to low and simmer until tender, 1–2 hours. Add more water as needed. Instant Pot/pressure cooker: Cover beans with water by 2–3 inches and cook on high pressure for 20 minutes. Let pressure release naturally or quick release. Ensure beans are tender and drain off excess liquid.
Make the phool: Place beans in a large bowl and add garlic, cumin, salt, lemon juice, and cilantro. Mash with a potato masher to your desired texture, or use a food processor for a smoother consistency.
Serve: Drizzle generously with olive oil. For a traditional breakfast, top with hummus and a hard-boiled egg.