Melt the Chocolate & Peanut Butter Mix: In a microwave-safe bowl, combine the chocolate chips, peanut butter, and butter. Microwave on high for 1 minute, then stir.
Continue microwaving for another 30 seconds or until the mixture is smooth.
You can also melt this on the stove at low heat, but be careful not to burn the chocolate.
Mix in Dry Ingredients: Once your chocolate mixture is smooth, add the Rice Chex, pretzels, and peanuts.Stir gently until everything is evenly coated in the chocolate mix.
Coat with Powdered Sugar: Pour 2½ cups of powdered sugar into a large ziplock bag. Spoon the chocolate-coated mix into the bag, seal it, and shake until all pieces are covered in powdered sugar.
Set and Store: Spread the coated mix onto a baking sheet lined with wax paper and let it set. Once cooled, store in an airtight container for up to 1 week or in the refrigerator for up to 2 weeks. You can even freeze it for up to 3 months!