In a microwave-safe bowl, combine chocolate chips and creamy peanut butter. Microwave in 30-second intervals, stirring after each interval, until smoothly melted.

Stir in unsalted butter and vanilla extract until fully melted and mixed into the chocolate blend.

In a large mixing bowl, add the Rice Krispies cereal and gently pour the melted mixture over it. Fold together without crushing the cereals.

Spread the mixture on a parchment-lined baking sheet and flatten evenly. Let cool at room temperature for 15 to 20 minutes to set.

Transfer to a resealable bag, add powdered sugar, seal and shake until well-coated. Alternatively, sprinkle sugar on top.

Allow to settle and cut into squares or break into pieces before serving. Enjoy at gatherings or as a snack!