Blanch peanuts in a pot of boiling water for 2 to 3 minutes. Drain and rinse with cold water. Rub peanuts between hands or towels to remove the skins. Thoroughly dry the peanuts.
Preheat the oven to 350 degrees. Line a large baking sheet with foil or a silicone mat.
In a large Dutch oven over medium heat, stir butter, honey and salt. Heat until melted and bubbly. Add the peanuts and stir until well coated.
Spread the peanuts onto baking sheet in a single layer and place into the oven. Stir the peanuts every 5 minutes to ensure even roasting. Continue to roast until the peanuts are well browned, approximately 20 to 30 minutes.
While the peanuts are roasting, combine sugar, chili powder and garlic powder in a small bowl.
When peanuts are finished roasting, remove them to a medium mixing bowl.
Slowly add sugar mixture a little at a time, mixing well after each addition. Continue to stir as the peanuts cool to prevent sticking.
Cool completely and the store in an air tight container.
Variations:
Use brown sugar instead of white for a richer, molasses-like flavor.
The chili powder in this recipe is not very strong or spicy at all. If you'd like more spice, try adding some cayenne or chipotle pepper instead.
Alternatively, omit chili and garlic powders and add cinnamon instead.
Feel free to experiment with adding different combinations of spices.