Preheat oven to 325 degrees F (165 degrees C). Stir together the sugar, chipotle powder, chili powder, and garlic powder in a small bowl; set aside.
Stir together the butter, honey, and kosher salt in a large saucepan over medium heat until the butter has melted, and the mixture is bubbly. Stir in the peanuts until well coated, then pour out into a 9x13 inch baking dish.
Bake in preheated oven until the nuts are golden brown, about 30 minutes. Stir the mixture 2 or 3 times to ensure even cooking. Once done, scrape the peanuts into a large metal bowl, and sprinkle with the spice mixture. Toss the peanuts to evenly coat with the spice mixture. Allow the peanuts to cool to room temperature, tossing every few minutes so the nuts do not stick together.
