In a food processor, combine the basil leaves, pine nuts or walnuts, and minced garlic. Pulse until the ingredients are finely chopped.
With the food processor running, slowly drizzle in the olive oil until the mixture forms a smooth paste.
Add the nutritional yeast, fresh lemon juice, salt, and pepper. Blend until all the ingredients are well combined and the pesto reaches your desired consistency.
Taste and adjust the seasoning, adding more salt, pepper, or lemon juice as needed.