Combine dry-roasted peanuts and next 4 ingredients in a large roasting pan. Drizzle with butter, gently stirring to coat. Stir in taco seasoning.
Bake at 250° for 30 minutes, stirring occasionally. Cool on paper towels. Store in an airtight container.
*1 (7-oz.) can potato sticks may be substituted.
**1 (6-oz.) can fried onions may be substituted.
***Butter-flavored cooking spray may be substituted.
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