In a microwave-safe bowl, combine chocolate chips and creamy peanut butter. Microwave in 30-second intervals, stirring until smooth (about 1-2 minutes).

Stir in unsalted butter and vanilla extract until fully incorporated (about 30 seconds).

Pour Rice Krispies cereal into a large mixing bowl. Drizzle the melted chocolate mixture over the cereal and fold gently to coat each piece.

Spread the mixture onto a lined baking sheet and cool at room temperature for 15-20 minutes until set.

Place cooled mixture in a resealable bag with powdered sugar. Seal and shake until well coated, or sprinkle sugar directly over it.

Break into bite-sized pieces and serve or store in an airtight container.