Position racks in the upper and lower thirds of oven; preheat to 250 degrees F.Advertisement
Whisk lime juice, chili powder, salt and cayenne in a large bowl. Add peanuts; toss to coat. Divide between 2 large rimmed baking sheets; spread in an even layer.
Bake, stirring every 15 minutes, until dry, about 45 minutes. Let cool completely. Store in an airtight container.
Make Ahead Tip: Store in an airtight container for up to 3 weeks.
Cut Down on Dishes: A rimmed baking sheet is great for everything from roasting to catching accidental drips and spills. For effortless cleanup and to keep your baking sheets in tip-top shape, line them with a layer of foil before each use.