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Preheat the oven to 250 degrees F (120 degrees C). Combine corn puffs and peanuts in a large roasting pan.
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Bring butter, brown sugar, and corn syrup to a boil in a heavy 2-quart saucepan. Cook and stir for 2 minutes.
Dotdash Meredith Food Studios
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Remove from heat; stir in baking soda until mixture foams up.
Dotdash Meredith Food Studios
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Pour over corn puff mixture and toss well using rubber spatulas. Bake in the preheated oven, stirring every 10 to 15 minutes, until a cooled piece of corn is crunchy, about 45 minutes.
Dotdash Meredith Food Studios
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Spread on waxed paper to cool. Break apart and store in an airtight container.
The caramel corn will be hot. Please handle it carefully and use utensils.