Combine cereal, almonds, and raisins in a large bowl.
Stir together oil, sugar, chipotle, and salt in a small frying pan. Warm over medium-high heat until fragrant, 1 to 2 minutes. Scrape from pan over cereal and mix to coat.
Make ahead: Store airtight up to 1 week.
Note: Nutritional analysis is per 1/2 cup.