Preheat oven to 325°F (160°C). In a large shallow roasting pan, toss together cereal, pretzels, crackers and peanuts.
In a small bowl, whisk together oil, hot sauce, Cajun seasoning and garlic powder. Drizzle over cereal mixture and toss to combine. Bake on middle rack of oven until aromatic and slightly golden, stirring once, about 15 min. Cool completely. Store in extra large freezer bags until ready for gifting. Mixture will keep for up to 10 days.