Place popcorn in a large bowl and set aside. In a heavy saucepan, combine sugar and honey; bring to a boil over medium heat; stirring constantly. Boil for 5 minutes, stirring constantly. Remove from the heat. Add peanut butter; stir until blended.
Pour over popcorn mixture; toss gently to coat. Cool completely on waxed paper. Store in airtight containers or plastic bags.