Combine peanut butter and chocolate chips in a microwave safe bowl and microwave in 30 second increments, stirring until melted.
Add Chex to a large mixing bowl and coat in melted chocolate mixture. Gently toss to ensure cereal is fully coated.
Let cool slightly (5 min) and then toss with powdered peanut butter and powdered sugar to fully coat pieces. You want to have some chunks and clusters!
Let chill in the fridge for 1 hour to harden fully. Making 10 servings of ~1/4 cup each. Enjoy!