To a medium pot or wok over medium heat, add the oil. Once the oil is warm, add the cumin. As soon as it starts to sizzle, add the chopped onions and saute, stirring frequently, just until translucent, about 3 minutes.
Add the chopped green chillies, garlic and ginger and cook until fragrant, about 1 minute. Stir in the chiles and tomatoes and cook for, 2–3 minutes. Season lightly with salt, stir in the turmeric, paprika, ground cumin and coriander, then add the peas and cook until the tomato juices have reduced slightly, 2–3 minutes more.
Stir in the crumbled paneer, mix well, turn the heat to low, and cover. Cook until the paneer is warmed through and softened, about 5 minutes. ( I like to cook it a little longer undisturbed(5-7 minutes) so the paneer picks up a little browning, turning the cheese a little crispy and caramelized for an extra yummy flavor.) Remove from the heat and stir in the garam masala and chopped cilantro. Serve with any flatbread, sliced onion, and chutney if desired.