Preheat your oven to 250°F (120°C).

Line a large rimmed baking sheet with parchment paper.

Pour the Cheetos into a large mixing bowl.

In a medium saucepan, combine the light corn syrup, brown sugar, and butter. Heat over medium-high heat while stirring until it reaches a rolling boil.

Remove the caramel from the heat and pour it over the Cheetos, folding it in with a spatula.

Transfer the caramel-coated Cheetos onto the baking sheet, spreading them in a single layer.

Bake for 1 hour, stirring every 15 minutes.

Let the Caramel Cheetos cool completely before breaking them into pieces.