Heat the oven to 350˚F. Line a sheet pan with foil for easy clean-up and spray it generously with non-stick cooking spray. Set aside.
Combine ground chicken, bell pepper, green onion, ginger, lemongrass, cilantro, panko crumbs, egg, garlic, and salt in a medium-large bowl. Mix with a sturdy spatula, wooded spoon or your hands until well-combined. Scoop up mixture into small portions, about 1½-2 tablespoons each. With slightly damp hands, roll the portions into round meatballs and arrange on the prepared pan.
Combine the olive oil and paprika in a small bowl and stir to combine. Brush the oil over the meatballs then bake for 15-12 minutes or until the meatballs are firm to the touch and take on a nice golden hue.
For the sauce/soup:
Heat large Dutch oven or heavy-duty soup pot over medium heat. Add the butter and olive oil and swirl the pan until melted and bubbly. Add the ginger, lemongrass, red curry paste, garlic, brown sugar and curry powder. Stir and cook for 2-3 minutes until nice and fragrant.
Add the chicken broth, sliced carrots and salt. Bring to a boil and cook, uncovered for 10-15 minutes until the carrots are tender (the time will depend on how thick you cut the carrots). Add the coconut milk and stir to combine.
Combine the cornstarch and cold water in a small bowl and stir until nice and smooth. Add the cornstarch mixture to the sauce and return to a boil. Cook for 2 minutes longer, stirring frequently. Taste and add more salt, if needed.
Serve in bowls with a scoop of rice and the meatballs. Garnish with fresh cilantro, basil and mint and chopped or halved peanuts.