Start by lining an 8x8 inch square pan with parchment paper, allowing some overhang for easy removal later.

In a large saucepan, combine 1 cup of peanut butter, 1 cup of chocolate chips, and ¼ cup of butter. Melt this over low heat, stirring frequently for about 3-5 minutes, until the mixture is smooth and well combined.

Once melted, remove the saucepan from heat and immediately stir in 1 teaspoon of pure vanilla extract. Allow the mixture to cool slightly.

Add 4 cups of Rice Chex cereal to the chocolate mixture, gently folding with a spatula until every piece is evenly coated.

Transfer your cereal mixture into the lined pan, pressing it down evenly with the back of a spatula for about 2-3 minutes.

Once completely cooled, remove the mixture from the pan using the parchment overhang and slice into squares or bars.

In a gallon-sized Ziploc bag, add 1 cup of powdered sugar, place a cut bar into the bag, seal it, and shake gently to coat evenly.