Prepare the pan: Line an 8×8-inch baking pan with parchment paper, or lightly coat it with nonstick spray.
Melt the butter: Melt the butter in a large saucepan over low heat.
Melt the marshmallows: Add the marshmallows and stir continuously until completely melted and smooth.
Add the flavor: Stir in the peanuts and honey until evenly combined.
Add the cereal: Quickly fold in the Honeycomb cereal, stirring gently until all the cereal is coated.
Press into the pan: Immediately transfer the mixture to the prepared pan and press it firmly into an even layer.
Cool and cut: Let the treats cool and set completely, then cut into squares and serve.