Melt butter with oil in a large skillet over medium heat; add cashews, and cook 3 to 5 minutes or until browned. Remove cashews, and drain on paper towels; place in a bowl.
Combine salt, ground red pepper, and chili powder in a small bowl. Sprinkle over warm cashews, tossing to coat.
Prep: 5 min., Cook: 5 min.