Preheat oven to 325°F. Oil a baking sheet or line with parchment paper.
Combine pecans and caramel sauce. Add chili powder, salt and pepper and stir until well combined.
Transfer to baking sheet. Bake at 325°F. for about 15 - 18 minutes, stirring occasionally. Watch carefully to prevent burning. Remove from oven, cool, then break apart. Store in an airtight container or package for holiday gift giving.