Measure out the Rice Chex cereal and place it in a large mixing bowl.

In a microwave-safe bowl, combine the chocolate chips, peanut butter, and butter. Microwave in 30-second intervals, stirring in between, until melted and smooth.

Pour the melted chocolate mixture over the Rice Chex cereal and gently stir until the cereal is evenly coated.

Transfer the coated cereal to a large resealable plastic bag, add the powdered sugar, and shake until well coated.

Spread the coated cereal on a baking sheet lined with parchment paper to cool. Once cooled, serve and enjoy!