Measure out the rice cereal in a large bowl and set aside.
In microwave safe dish, add the butter, peanut butter and chocolate chips. Microwave on high for 1 minute. Stir to combine. Microwave an additional 30 seconds or until creamy. Add the vanilla and stir.
Drizzle the mixture over top of the rice cereal and gently combine using a rubber spatula. Continue stirring until the cereal is evenly coated.
Put the rice cereal mixture into a 2-gallon zip lock bag. Add the confectioners' sugar. Seal the bag and gently shake until all the pices are evenly coated in sugar.
Allow to cool on waxed paper. Store in an airtight container.
by The Savvy Kitchen