Preheat oven to 350°F.
Put peanuts in a large rimmed baking pan. Bake in preheated oven, stirring occasionally, until lightly golden (about 15 minutes).
Mix together the chili powder, cumin, chiles, and oil. Remove peanuts from the oven and pour chili mixture over all. Stir to blend well. Return to the oven and continue to bake, stirring once, until the peanuts are a golden brown, about 8 to 10 minutes longer. Season to taste with the salt.
Set aside to cool. Remember that nuts hold heat. You can cool in the cooking pan, or spread on parchment paper or brown paper. Do not use waxed paper as the heat of the nuts could melt the wax.
Store in an air-tight container.
Serves: 8 - 10
Contributor: pat ciesla
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