A water-based, low fat, low calorie peanut butter-like product is provided having a superior texture and mouth-feel that is shelf stable at room temperatures is disclosed. The peanut butter-like product includes water in an amount of about 20% by weight, tapioca syrup in an amount of about 25% by weight, rice syrup in an amount of about 15% by weight, glycerin in an amount of about 3% by weight, sugar in an amount of about 7% by weight, tapioca starch in an amount of about 2% by weight, soy protein in an amount of about 3% by weight, defatted peanut flour in an amount of about 15% by weight, peanut butter in an amount of about 7% by weight, peanut oils in an amount of about 2% by weight, and salt in an amount of about 1% by weight.