In a microwave-safe bowl, combine the milk chocolate chips, creamy peanut butter, and butter. Microwave in 30-second intervals, stirring between each, until everything is melted and smooth. This should take about 1-2 minutes total.
Once melted, stir in the vanilla extract to enhance the flavors.
In a large mixing bowl, add the rice Chex cereal. Pour the melted chocolate mixture over the cereal and gently stir until the cereal is evenly coated.
Transfer the coated cereal into a large zip-top bag or container. Add the powdered sugar, seal the bag, and shake until the cereal is well coated and looks white and fluffy.
Spread the Puppy Chow onto a baking sheet lined with parchment paper to cool. Once cooled, it’s ready to be enjoyed!
