Preheat oven to 250 degrees F.
Spread popcorn and peanuts onto a lined (with a Silpat mat or piece of parchment paper) rimmed baking sheet.
In a quart saucepan, melt butter over low heat. Stir in honey and brown sugar. Over medium heat bring to boil, stirring constantly. Then boil gently without stirring for 5 minutes. Remove from heat and stir in vanilla.
Pour mixture over popcorn and nuts and stir until well mixed.
Bake for one hour, stirring every 15 minutes.
Cool Caramel Corn by spreading out/breaking apart onto wax paper (alternatively you can use Silpat mats or parchment paper) that is laid out on your countertop. Allow to cool about 30 minutes. Store in airtight container. Caramel Corn should stay fresh for at least 2 weeks.