In a large bowl, combine the Fritos, Chex cereal, pretzel sticks, peanuts, and cheese crackers.
In a small bowl, whisk together the melted butter, Worcestershire sauce, garlic powder, onion powder, paprika, salt, and pepper until smooth.
Pour the butter mixture over the dry ingredients and toss gently until evenly coated.
Air fryer: Preheat to 300°F (150°C) for 2–3 minutes. Add the mix to the basket in a single layer and air fry 15–20 minutes, shaking halfway through, until golden and crisp. Work in batches if needed.
Oven: Preheat to 300°F (150°C). Spread the mix on a parchment-lined rimmed baking sheet in a single layer and bake 15–20 minutes, stirring halfway, until golden.
Let cool completely before serving; the mix crisps as it cools. Store in an airtight container up to 1 week.