Heat oil in a 6-quart Dutch oven or large heavy pot over medium heat; saute onion until translucent, 5 to 10 minutes. Add garlic and saute until softened and fragrant, about 5 minutes. Add 1/4 cup water, coriander, paprika, ginger, turmeric, cayenne pepper, black pepper, and cinnamon to onion mixture; cook and stir until fragrant, 2 to 3 minutes.

Stir chickpeas, tomatoes in juice, remaining 1/2 cup water, and bay leaf into onion mixture; bring to a boil. Reduce heat and simmer until flavors have blended, about 10 minutes. Stir coconut milk into chickpea and tomato mixture; simmer for 2 to 3 more minutes. Add more water if needed and season with salt.