1In large microwavable bowl, mix cereals, pretzels and nuts.
2In 2-cup microwavable measuring cup, microwave butter uncovered on High about 40 seconds or until melted. Stir in pepper, chili powder and salt. Pour over cereal mixture; stir until evenly coated.
3Microwave uncovered on High 5 minutes, stirring every 2 minutes. Spread on waxed paper or foil. Sprinkle with cheese. Let cool completely. Store in airtight container.