MIX cereal, pretzels, corn chips, crackers and peanuts in a large, greased roasting pan.
MELT butter in a medium saucepan. Add corn syrup, brown sugar and taco seasoning. Bring to a boil over medium-heat, stirring constantly.
POUR over cereal mixture; tossing to coat well.
BAKE at 350°F for 60 minutes, stirring every 15 minutes.
COOL, stirring frequently. Store in tightly covered container.