Place carrots in a medium saucepan and cover with water. Cook over medium high heat for approximately 8 minutes, or until carrots are tender. Drain the water and set carrots aside in a covered bowl.

In the meantime, combine the grape jelly, chili sauce and cayenne pepper in the saucepan. Turn heat to medium low, and simmer sauce until it is smooth and well combined.

Add cooked carrots to the sauce and stir until carrots are completely coated.

Cook for approximately 5 minutes, or until glaze is thick. Serve hot.