Preheat the oven to 275 degrees F. Line two baking sheets with parchment paper.
Place the butter, corn syrup, sugar, chipotle pepper and smoked paprika in a microwave safe bowl. Microwave in 30-second incredible, stirring after each, until the butter is melted and the mixture combines. Stir it well so it looks caramely.
Place the chex cereal, pretzels, peanuts and cashews in a large bowl. Pour the caramel mixture over top and toss well to combine, even using your hands if needed. You want ALL pieces coated!
Spread the chex on two baking sheets evenly. Bake for 60 minutes, tossing well every 15 minutes. Remove from the oven and toss the mixture every 10 minutes or so until it cools so it doesn't all clump together. Store in a ziplock bag or sealed container.