Place the dried chilies on a foil-lined baking sheet and bake 5 to 10 minutes, until the remaining liquid in the dried chilies is removed (crisp to the touch, but not burned).
Over medium heat (or in a toaster oven), toast the cumin seeds until fragrant.
Using a mortar and pestle (or spice grinder), crush the chilies and cumin seed into a fine powder.
Place the chili/cumin mix into a bowl, then add remaining ingredients. Mix until fully combine.
Use immediately or store in an airtight container.
Use solely ancho peppers if you are looking for a milder smoked chili powder, or opt for chipotle peppers only if you prefer a medium level of heat. A mix between the two will provide variant levels of heat between the extremes.