In a microwave-safe bowl, combine the semi-sweet chocolate chips, creamy peanut butter, and salted butter. Microwave on high for 30-second intervals, stirring in between, until smooth and fully melted.
Once melted, stir in the vanilla extract until well combined.
In a large mixing bowl, add the Rice Chex cereal. Pour the melted chocolate mixture over the cereal, gently folding it in until evenly coated.
Transfer the coated cereal into a large resealable plastic bag or bowl. Gradually add powdered sugar, sealing it tightly. Shake gently until all the cereal is coated.
Spread the Puppy Chow onto a parchment-lined baking sheet to cool completely. Once cooled, it’s ready to serve or store!
