Preheat oven to 375 degrees Fahrenheit. Line a large rimmed baking sheet with parchment. Set aside.
Combine sugar, lime zest and juice, basil, fish sauce, cayenne and oil in medium bowl. Toss chiles and peanuts with spice mixture to coat.
Spread peanuts on prepared baking sheet and bake for 15-20 minutes.
Allow to cool completely on the baking sheet before transferring the peanuts to a serving bowl. Garnish if desired, with additional toppings. These can be stored in an airtight container for 2-3 days, but are best when freshly made