In a microwave-safe bowl, combine chocolate chips and creamy peanut butter. Heat in the microwave at medium power in 30-second intervals, stirring thoroughly between each, until the mixture is completely melted and smooth—this usually takes about 1 to 2 minutes.

Add the unsalted butter and vanilla extract to the bowl. Stir this mixture until all ingredients are fully combined, and the butter is melted—this should take about 1 minute.

In a large mixing bowl, add the Rice Krispies cereal. Carefully pour the melted chocolate-peanut butter mixture over the cereal. Use a spatula to gently fold the mixture into the Rice Krispies, ensuring each piece is evenly coated.

Prepare a lined baking sheet by placing parchment paper on it. Transfer the coated Rice Krispies mixture onto the prepared sheet, spreading it out evenly with your spatula. Press down gently to compact it slightly and allow the mixture to cool and set for 15-20 minutes at room temperature.

Once set, break the mixture into bite-sized pieces or cut into squares. Place the pieces into a large resealable bag and add powdered sugar. Seal the bag and shake gently until all pieces are thoroughly coated.