Line a baking sheet with parchment paper to ensure your caramel-coated Cheetos do not stick. Set this aside for later.
In a large saucepan, combine the light brown sugar, margarine or butter, and light corn syrup. Place over medium heat and stir continuously until the mixture comes to a boil.
Allow the mixture to boil for about 4-5 minutes without stirring. Keep an eye on it to prevent burning. You want it to reach a nice golden color.
Once the caramel is ready, remove it from heat and carefully stir in the baking soda. Be cautious; it will bubble up, creating a light and airy texture for your caramel.
In a large bowl, add the crunchy Cheetos. Pour the caramel mixture over the Cheetos and gently stir until they are all evenly coated. The caramel will harden a bit as it cools, so work quickly!
Transfer the caramel-coated Cheetos to your prepared baking sheet. Spread them out into a single layer to allow for even cooling.
Allow the Caramel Cheetos to cool completely before breaking them apart. Once set, they’re ready to be enjoyed!