In large microwavable bowl, mix cereal, pretzels, peanuts and tortilla strips; set aside.
In small microwavable bowl, microwave butter uncovered on High about 40 seconds or until melted.
Stir in tequila, Worcestershire sauce, lime juice, seasoned salt, chili powder and garlic powder.
Pour over cereal mixture; stir until evenly coated.
Microwave uncovered on High 5 to 6 minutes, thoroughly stirring every 2 minutes.
Spread on paper towels to cool.
Sprinkle with lime peel.
Store in airtight container for up to 5 days.