In a small saucepan, combine the full-fat coconut milk and sugar. Place over medium heat and stir frequently, allowing the mixture to dissolve and reach a gentle boil. Once bubbling, remove from heat and incorporate the liquid smoke for an extra hint of depth. Set aside to cool slightly while preparing the flour coating.
In a medium-sized mixing bowl, whisk together the all-purpose flour, cornstarch, onion powder, salt, and garlic powder until fully blended. This ensures an even distribution of flavors throughout the coating.
Place the raw peanuts into a large mixing bowl. Drizzle about a tablespoon of the prepared syrup over the peanuts, then shake the bowl vigorously to coat them evenly. Sprinkle a few tablespoons of the flour mixture over the peanuts and shake again, ensuring each peanut is well-covered. To prevent spillage, covering the bowl with plastic wrap before shaking can be helpful.
Repeat this process 4-5 times—alternating between adding syrup and shaking, then adding flour and shaking. Continue until all the syrup and flour mixture are used up. By the end, the peanuts should have developed a thick, even coating.
Heat the oil in a deep skillet or saucepan over low-medium heat. When the oil reaches the appropriate temperature, carefully add half of the coated peanuts. Fry them for 6-8 minutes, stirring occasionally, until they achieve a golden-brown crisp. Avoid increasing the heat beyond medium, as this can cause the outer coating to darken too quickly while leaving the peanuts undercooked inside.
Using a slotted spoon, remove the fried peanuts and transfer them onto a plate lined with a paper towel to absorb any excess oil. Repeat the process with the remaining batch.
While the peanuts are still warm, sprinkle smoked paprika and ground chili over them, tossing gently to ensure every piece is evenly seasoned. Allow them to cool completely before serving.
For maximum freshness, store the crunchy peanuts in an airtight container at room temperature. They will remain crisp and flavorful for up to one week.
