Grease a large bowl. Add the popcorn. In a small saucepan, melt the butter over medium heat. Stir in the brown sugar, corn syrup and five-spice powder. Bring to a simmer and cook for 30 seconds.
Drizzle the caramel over the popcorn and sprinkle in the peanuts; toss with a rubber spatula. While the mixture is still warm, using greased hands, shape the caramel corn into baseballs.