In a medium pot, combine the water with the dried chilies, peppercorns, fennel, cumin, fenugreek, and salt.
Bring the mixture to a simmer.
Cover the pot and let the spices infuse the water by simmering gently for 10 minutes.
Strain the aromatic water through a fine-mesh sieve, discarding the whole spices. Return the infused liquid to the pot.
Add the fresh peanuts to the spiced water.
Bring the pot to a boil, then reduce the heat to low, cover, and simmer gently for 10-15 minutes. The cooking time will vary based on the size of your peanuts.
Drain the peanuts thoroughly.
Serve them lukewarm or cold, ready to be shelled and enjoyed.