While the oven is heating, place the cereal and peanuts on a rimmed baking sheet. Stir the barbecue sauce and honey in a small bowl. Drizzle the mixture over the cereal and peanuts and toss to coat.
Bake for 15 minutes or until crisp, stirring once halfway through the baking time. Let the cereal mixture cool on the baking sheet for 5 minutes. Pour the cereal mixture into a large bowl. Stir in the pretzel mix and jerky.