Preheat oven to 450 degrees F (230 degrees C). Spray a baking sheet with cooking spray; place red bell peppers onto baking sheet.
Bake in the preheated oven, turning with tongs every 10 minutes, until skin is evenly blackened and blistered, about 30 minutes. Remove from oven; cover with a heat-proof bowl. Let stand until skin peels off easily, about 20 minutes.
Remove skin, stem, and seeds from red bell peppers with a sharp knife.
Combine roasted red peppers, water, vinegar, oil, honey, garlic, cilantro, basil, salt, and pepper in a food processor; blend until smooth.