In a cast-iron skillet, sauté Tex-Mex spice in olive oil over medium heat while gently stirring for 2 minutes.
Add chili powder and stir for one minute more
Add chicken broth, tomato sauce, and peanut butter. Bring to a simmer.
Mix corn starch and cold water until smooth. Slowly add cornstarch liquid while stirring for one minute. Cook for 10 minutes over low heat, stirring occasionally.