Preheat smoker to 250°F and add wood chips.
Melt butter in a small saucepan, mix in Worcestershire sauce, season salt, garlic powder, onion powder, cayenne pepper.
Mix the cereal, nuts, and pretzels together in a disposable pan. Remove saucepan from heat and pour over the Chex mix, stir well.
Smoke for 1 - 1 1/2 hours, stirring every 15 minutes.
Allow Chex mix to cool and enjoy!