Preheat the oven to 325 degrees and line a baking sheet with parchment paper. In a large bowl, toss the puffed rice with the cashews, peanuts, coconut flakes, and raisins.

In a small saucepan, heat the oil until shimmering. Add the mustard seeds and cook over moderately high heat until they begin to pop, about 1 minute. Add the fennel and cumin seeds, crushed red pepper, and bay leaves and toast, stirring, until fragrant, about 1 minute. Add the corn syrup, lemon juice, and salt and bring to a boil. Drizzle the hot syrup over the cereal and nuts and toss with a spoon until evenly coated.

Spread the mixture on the baking sheet and bake for 20 minutes, stirring once or twice, until the nuts are golden, about 20 minutes. Let cool; discard the bay leaves. Transfer to a bowl and serve.

The spice crispies can be stored in an airtight container at room temperature for up to 4 days.