Submerge the cashews in water and soak overnight on the counter. Drain.
In a food processor, combine the cashews, nutritional yeast, lemon juice, garlic powder and large pinch of salt. Pulse until smooth and creamy, adding water little by little until a dip like consistency is reached. Taste and adjust salt to your liking. Keep stored in a air tight container for up to 2 weeks in the fridge.