Preheat your oven to 325F and line a baking sheet with parchment paper.
In a large bowl, whisk together the sugar-free honey substitute, melted butter, cayenne pepper, smoked paprika, garlic powder, salt, and black pepper until smooth.
Add the raw peanuts to the bowl and toss until every peanut is thoroughly coated in the spicy honey mixture.
Spread the peanuts in a single layer on the prepared baking sheet, making sure they are not clumped together.
Bake for 20 to 25 minutes, stirring every 8 minutes, until the peanuts are deeply golden and the coating looks dry and caramelized.
Let the peanuts cool completely on the baking sheet. They will become crunchy and the glaze will harden as they cool. Break apart any clusters and store in an airtight container for up to 2 weeks.