Chex cereal coated in chocolate, peanut butter, and powdered sugar.
Pour the Chex cereal into one extra large bowl with lid or divide it evenly into two medium bowls with lids or two large Ziploc baggies. Set aside.
Melt butter in small or medium saucepan. Add chocolate chips and peanut butter. Stir until melted and combined. Stir in vanilla.
Slowly pour the chocolate all over the Chex cereal. Stir or shake to combine.
Once the chocolate has coated the cereal, add in the powdered sugar. Shake to coat the cereal.
You can lay the coated cereal out on aluminum foil to dry or just let it dry in the bowl.
Store leftovers in an airtight container or bag.