Preheat the oven to 375°F and spread the macadamia nuts out evenly onto a sheet pan. Once the oven is preheated, place the sheet pan in the oven just until the nuts are golden and look slightly wet (from the oils coming to the surface), 4 to 5 minutes. Set aside to cool slightly.
Drain both cans of the garbanzo beans, and SAVE THE LIQUID from one of them! Add the beans to a food processor fitted with the blade attachment, and add 5 tablespoons of the saved liquid. (If there isn’t enough, you can use water to make up the difference.)
Add the tahini and 1 cup of the slightly cooled, roasted macadamia nuts to the food processor, followed by the garlic. Roughly chop the remaining 1/4 cup of nuts and set aside for garnish.
Turn on the food processor and blend until the mixture is as smooth as possible. Then add the 3/4 cup of oil, salt and sugar — blend again until smooth.
Spoon into a serving dish, drizzle with a bit more oil, sprinkle with the smoked paprika, and the roughly chopped nuts.