What you ask for is called a commutative cipher. One application of such ciphers is the Shamir protocol with three passages (which is often explained using padlocks).
It is unclear what you mean by "cryptographically strong." That is, one requirement that is often necessary is that the adversary cannot recognize the message if he recognizes the encryption of the message with K1, then the encryption of the message with K2 and the encryption of the message with K1 and K2. This requirement is obvious in the case of the Shamir protocol with three passes.
It is easy to see that stream ciphers do not satisfy the above requirement. Therefore, it would be wrong to call the stream cipher a “cryptographically strong commutative cipher”. Similarly, it is easy to break, in accordance with the above assumptions, the Rasmus Fabers proposal (which, I think, is the design proposed by Bruce Schneier for something a little different).
Strong commutative ciphers can be based, for example, on modular exposure. The Massey-Omura protocol is a great example.
Accipitridae
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