Cover cashews with boiling water and set aside for 15 minutes. You can also pre-soak the cashews in cold water for 6-8 hours, if desired.
Drain and rinse cashews. If you are using the hot water method to soak your cashews, it's important to ensure they are rinsed under cold water so they are not hot when you add them to the blender/food processor as it will change the consistency of the ricotta.
Add soaked and drained cashews to a high-powered blender or food processor followed by water, nutritional yeast, lemon juice and salt.
Blend on high until cashews have been fully blended and no visible chunks remain, stopping to scrape down the sides as needed. The final product should be creamy with the consistency resembling traditional ricotta. Be careful not to overblend or the consistency will become paste-like. Enjoy right away or refrigerate until ready to use.