Start by adding the Rice Chex cereal to a large bowl and set aside.

Add the chocolate chips, butter, and peanut butter to a medium-sized bowl.

Melt the chocolate ingredients in the microwave in increments of 15-seconds, stirring in between. It should take approximately 45-seconds to melt the ingredients.

Add the vanilla extract to the bowl and mix.

Pour the melted chocolate over the Rice Chex cereal and stir until all of the cereal is covered with chocolate.

In a large bag, add half of the powdered sugar. Scoop half of the cereal into the bag and shake until it's coated.

Spread the cereal out on a cookie sheet to set up for about 15 minutes.

Repeat the process with the remainder of the powdered sugar and cereal.

Add the candies to the bowl, mix, and serve.