Prepare rice noodles according to package instructions. Rinse under cold water and set aside.
While waiting for the water to boil for the rice noodles, add the sauce ingredients to a small skillet set over medium-low heat. Keep stirring until the peanut butter is melts. Make sure your peanut sauce is heated through by approximately 3-4 minutes. Remove from heat and place a small bowl then set it aside.
Add the sesame oil to a large nonstick skillet and set over medium-high heat. Add the shallot, white part of the green onions, carrots, and red pepper. Cook, stirring frequently, until the vegetables are crisp tender and develop some color, approximately 4-5 minutes.
Push the vegetables to one side of the large skillet with a spatula. Add the egg mixture to the other side of the pan. Cook, stirring and chopping frequently with the spatula, until the eggs are cooked through and broken into very small pieces, approximately 4-5 minutes.
Add the prepared rice noodles, one-third cup chopped peanuts, and the warm sauce to the skillet and stir to combine.
Transfer your Vegetable Pad Thai to individual serving dishes and top with the remaining roasted peanuts, green onion tops, and fresh cilantro. Serve immediately with lime wedges and crushed red pepper flakes, if desired, on the side. Enjoy!