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Preheat oven to 325°F. Line an extra large baking sheet (or two smaller baking sheets) with foil and spray with nonstick cooking spray. Spread cereal and pecans on prepared baking sheets. Set aside.
Mix butter and brown sugar in a saucepan over medium-high heat. Boil for two minutes, stirring constantly.
Pour caramel sauce over cereal and nuts.
Toss to coat all of the ingredients in the caramel sauce. Bake for 8 minutes. Remove from the oven, stir, and bake for an additional 8 minutes.
Allow to cool, breaking apart any large clumps with a wooden spoon or spatula.