Step 1: Preheat to 250°F and position the rack in center of the oven. Line a large rimmed baking tray with parchment paper.
Step 2: Whisk the lime juice, chili powder, sugar, salt (if using) and cayenne in a large bowl. Add peanuts, then toss well to coat. Spread the peanuts in an even layer on the prepared baking tray and place in the oven.
Step 3: Stir every 10 minutes, until peanuts are dry, about 30-35 minutes. Let cool completely.
Step 4: Store in an airtight container.
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