Set a small pot of salted water over high heat to boil. Wash, peel, and chop the carrots and potatoes. Once the water boils, add the carrots and potatoes and cook them until they are soft.
Drain the carrots and potatoes. Add the carrots, potatoes, garlic powder, onion powder, coconut oil, coconut milk, nutritional yeast, and salt to a blender. Blend the mixture until it is smooth and creamy. Taste and adjust seasoning, if needed.
For a thicker texture, chill the dip for at least 30 minutes. Top with chili flakes, extra nutritional yeast, and cilantro. Enjoy as a condiment or with tortilla chips!