In a medium-sized saucepan, combine 1/4 cup light corn syrup, 3/4 cup water, and 1 tablespoon tomato paste. Whisk together over medium heat until well combined.
Stir in 2 cups ketchup and 1 cup packed brown sugar until the mixture is smooth and well incorporated.
Add 1/2 cup apple cider vinegar and 1/4 cup yellow mustard to the saucepan. Mix well to combine.
Introduce 3 tablespoons Worcestershire sauce and 2 teaspoons liquid smoke into the mixture. Stir to enhance the smoky and savory elements.
Sprinkle in 1 teaspoon onion powder, 1 teaspoon garlic powder, and 1/2 teaspoon cayenne pepper (adjust to taste). Add salt and black pepper according to your preference.
Bring the sauce to a simmer over medium heat. Reduce the heat to low and let it simmer for 20-30 minutes, stirring frequently. This allows the flavors to meld, and the sauce will thicken to your liking.
Taste the sauce and adjust the seasonings if necessary. If you prefer a smoother texture, you can use an immersion blender to blend the sauce until smooth.
Remove the barbecue sauce from heat and let it cool. Once cooled, transfer it to a jar or airtight container.
Store the barbecue sauce in the refrigerator. It will keep for several weeks, and the flavors may continue to develop over time.