Place a steamer insert into a saucepan and fill with 1 1/2 cups of water or just below the bottom of the steamer. Cover and bring the water to a boil over high heat.
Add the sliced carrots, reduce the heat to medium and cover the saucepan again. Steam until tender but not mushy; 4 to 6 minutes depending on the thickness of the slices. Reserve 1/2 cup of the cooking liquid.
Heat the olive oil in a frypan over medium heat. Reduce the heat to low then stir in the salt, pepper, cinnamon, cumin, garlic and thyme.
Cook the spices and garlic stirring frequently until fragrant; about 10 minutes.
Add the 1/2 cup reserved cooking liquid and the bay leaf. Cover and simmer for 20 minutes.
Stir in the carrots, tossing well to coat with the spice mixture and cook until heated through; about 2 to 3 minutes.
Sprinkle with lemon juice and remove the bay leaf before serving.