Preheat the oven to 250°F (120°C). Line two large rimmed baking sheets with parchment paper to prevent sticking and make cleanup easier.
In a medium bowl, whisk together the melted butter, Worcestershire sauce, seasoned salt, garlic powder, and onion powder until the seasoning mixture is fully blended.
Add the bagel chips to a very large mixing bowl and lightly crush them into smaller bite-size pieces. Add the Rice Chex cereal, Wheat Chex cereal, mini pretzel twists, and roasted peanuts. Toss gently to combine.
Pour about half of the butter seasoning mixture over the cereal mixture and toss gently to begin coating. Add the remaining seasoning mixture and toss again until all pieces appear lightly glossy and evenly coated.
Divide the mixture evenly between the prepared baking sheets and spread it into a thin, even layer to allow good air circulation during baking.
Bake for 45 to 50 minutes, stirring the mixture every 15 minutes to prevent hot spots and ensure even toasting.
Remove the baking sheets from the oven once the mix looks lightly golden and dry. Allow it to cool for about 10 minutes on the pans. The coating will firm up and become extra crunchy as it cools.
Serve once fully cooled or store in an airtight container for later snacking.