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For the chips: Slowly heat the peanut oil in a high-sided pot to 350 degrees F. Preheat the oven to 475 degrees F.
Cut the corn tortillas into chip-size triangles. Mix together the ancho chili powder, brown sugar, kosher salt and black pepper in a small bowl. Fry the corn tortilla chips until crispy, 3 to 5 minutes. Remove the chips from the peanut oil, shake off excess oil and add chips to a large mixing bowl. Sprinkle the spice mixture over the chips while hot and set aside.
For the nachos: Place two-thirds of the chips on 2 oven-safe plates or 1 large casserole dish. Cover the chips with 2 cups Monterey Jack and 2 cups sharp Cheddar. Add the remaining chips and cover with the remaining cheese. Bake until the cheese is melted, 8 to 10 minutes.
Cook's Notes: Make sure that the pot that the chips are fried in is twice the size of the amount of oil used. Watch the chips and cheese closely in the oven as the chips are seasoned with brown sugar and sugar will burn. Nachos can also be garnished with your favorite salsa and guacamole. Add your favorite chili recipe or smoked pulled pork shoulder to nachos if desired.