Heat oven to 325°F. In ungreased 13x9-inch pan, mix snack mix, cereal and cashews.
In 1-quart saucepan, melt butter over medium heat. Remove from heat; stir in onion powder, oregano and pepper sauce. Pour over cereal mixture, stirring until evenly coated.
Bake uncovered about 25 minutes, stirring occasionally, until hot. Serve warm or cool. Store in tightly covered container.