Bring a pot of water to a boil; add peas and cook for 10 minutes. Drain.
Heat oil in a skillet over medium heat; add tomatoes, onions, ginger, garlic, coriander, cumin, and turmeric. Cook and stir mixture until heated through and fragrant, 2 to 3 minutes. Add curd to tomato mixture and simmer for 2 to 3 minutes; stir in red chile powder.
Mix chile powder into tomato mixture. Add peas, paneer, and salt; cover the skillet and simmer until heated through, about 5 minutes. Garnish matar paneer with cilantro leaves.