This study demonstrates a sustainable, integrated pathway for valorizing carrot processing by-products through solvent-free lycopene recovery. The approach combines optimized infrared dehydration with ultrasound-assisted extraction using edible oils. Drying kinetics were modeled at multiple temperatures, with the Midilli model providing the best fit (R² > 0.99), enabling accurate prediction of moisture content removal while preserving bioactive compounds. Optimization via Box–Behnken design identified efficient extraction conditions (49.7–60 °C, 10 mL/g, 60 min), achieving lycopene equivalent (LE) yields of 3.07 to 5.00 mg/kg oil. Sunflower and blended oils showed comparable performance under maximum sonication power (240 W), with strong agreement between predicted and experimental yields. The process generated two valuable outputs: a functional lycopene-enriched oil and an exhausted carrot powder co-product, the latter retaining its crude fiber content despite other compositional changes. This research presents a scalable, green methodology that aligns with circular economy principles, transforming agro-industrial waste into functional food ingredients without organic solvents. Thus, the developed approach establishes a transferable model for the sustainable valorization of carotenoid-rich residues, contributing directly to greener food production systems. By providing a practical technological framework to convert waste into wealth, this work supports the fundamental transition toward a circular bioeconomy.