Heat oven to 250°F. In 4-quart bowl, mix cereal, cracker sandwiches, pretzels and peanuts.
In small bowl, mix oil and taco seasoning mix. Pour over cereal mixture; toss to coat. Pour into ungreased 13x9-inch pan.
Bake 1 hour, stirring every 15 minutes. Cool completely, about 25 minutes.