01 -
Line a baking sheet with parchment paper, then set aside.
02 -
Pour cereal, chips, and cashews into a large bowl (or two large bowls if needed).
03 -
In a small saucepan, add butter, sugar, corn syrup, cinnamon, chili powder, and cayenne pepper. Bring to a simmer over medium heat. Continue simmering for 2-3 minutes, then remove from heat and stir in baking soda. Stir until mixture fizzes and expands in size.
04 -
Pour the butter mixture over the cereal mixture and toss to combine.
05 -
Spread mix out on the prepared baking sheet. Top with sprinkles if using.
06 -
Allow the mix to cool for 1 hour, then break into bite-sized pieces. Store in an airtight container.