Line a baking sheet with parchment or wax paper, and gather your ingredients and equipment.

In a large mixing bowl, combine crushed vanilla wafers, ground pecans, powdered sugar, and cocoa powder.

In a separate bowl, whisk together rum, honey, and water until blended.

Pour the wet mixture into the dry ingredients and mix until thoroughly combined.

Use a cookie scoop or your hands to form the mixture into 1-inch balls.

Roll each ball in additional powdered sugar or sprinkles to coat.

Chill in the refrigerator for at least 30 minutes before serving.