Start by measuring out your Rice Chex cereal and placing it in a large mixing bowl. Chop the Twix bars into small pieces and crumble the shortbread cookies into bite-size bits. Set these aside for later.
In a microwave-safe bowl, combine the milk chocolate chips and caramel squares with the heavy cream. Microwave in 30-second bursts, stirring after each, until the mixture is smooth and glossy. Alternatively, melt them together over a double boiler.
Pour the warm chocolate-caramel mixture over the cereal in the bowl. Use a spatula or wooden spoon to gently fold the cereal, ensuring every piece is thoroughly coated. Be careful not to crush the cereal.
Sprinkle in the crumbled shortbread cookies and chopped Twix bars. Fold them carefully into the coated cereal mixture, making sure the pieces are evenly distributed.
Transfer the entire mixture into a large resealable plastic bag or a container with a lid. Add the powdered sugar, seal tightly, and shake vigorously until every piece is dusted.
If desired, melt the optional 5 Kraft caramels with a splash of heavy cream until smooth. Drizzle this over the muddy buddies spread out on the parchment-lined baking sheet. Let it set for about 10 minutes before serving.
Once set, scoop your Twix Muddy Buddies into a bowl or package them up for gifting. Enjoy!
