Get out and measure your ingredients.
Prepare two large baking sheets by lining them with parchment paper. Set aside.
Place Chex cereal in a large bowl. Set aside.
In a medium saucepan, place corn syrup, salt, brown sugar, and butter over medium heat.
Stir often. Allow to boil for about 1 minute.
Remove from heat and add baking soda while stirring.
Pour caramel mixture over top of cereal. Stir until cereal is completely coated.
Stir until coated.
Stir in peanuts.
Make sure nuts are evenly distributed.
Spread caramel-covered cereal out between the two lined baking sheets.
Sprinkle M&Ms over top and allow to cool.
Break into small chunks and store in an air tight container.
Enjoy every bite!