Heat the oil in a large, broad pot with a tight-fitting lid. Sauté turmeric, cumin, sesame seeds, peanuts, and cashews over medium heat for 1 to 2 minutes until aromatic but not more than very lightly colored.
Add popping corn, cover, turn heat to high and cook, shaking until popping is over, about 5 minutes. Remove from heat and toss in optional coconut and remaining seasonings.
Let cool to room temperature before serving. Store any unused portions in an airtight container.