1. Preheat oven to 275°F. Line a large cookie sheet with parchment paper. Set aside.
2. In a small bowl, whisk together granulated sugar and cinnamon. Set aside. In a large bowl, stir together Chex cereal and pretzels.
3. In a medium sized bowl whisk together butter, brown sugar, and vanilla. Pour butter mixture over cereal and pretzels. Toss to coat.
4. Sprinkle cinnamon mixture over cereal and toss again to coat. Transfer to prepared pan and spread into an even layer.
5. Bake for 45 minutes, stirring every 15 minutes.
6. Let cool for 15 minutes and add caramels. Store in airtight container for up to a week.