Put the olives in a medium bowl. Use a vegetable peeler to remove the zest from the lemon in long strips (avoiding the white pith). Add the lemon zest to the olives, then squeeze the juice from the lemon and pour that over the olives as well. Set aside,
Heat 1/4 cup of the olive oil in a small skillet over medium-low heat. Add the coriander seeds and cumin seeds and cook, stirring often, until aromatic and just lightly browned, 2 to 3 minutes. Pour the spices and their oil over the olives. Add the remaining 1 cup olive oil, garlic, and crushed red pepper; stir gently to evenly mix all the ingredients, then cover the bowl and refrigerate up to 7 days. Stir the olives a couple times each day.
About 1 hour before serving, take the olives from the refrigerator and transfer them to one large serving bowl or a few small serving bowls. Set out a small dish, too, for the olive pits.