In a large nonstick skillet, heat honey, oil, and 1 tablespoon water over medium heat. Add walnuts; toss to coat.
Sprinkle the sugar, salt, cumin, coriander, and cayenne over the nuts. Cook, tossing and stirring until the nuts are well coated and lightly browned, 2 to 3 minutes. Transfer to a baking sheet to cool completely.