In a medium-sized saucepan over low heat, combine the butter, peanut butter, and chocolate chips. Stir the mixture constantly until melted and smooth.

Once your chocolate-peanut butter mixture is ready, remove it from the heat and mix it with the Rice Krispies cereal in a large bowl. Coat the cereal evenly with the mixture using a spatula.

Drizzle in the vanilla extract and stir until everything is combined.

While the mixture is still warm, add the powdered sugar gradually. Stir until you reach your desired level of sweetness and coating.

Pour the mixture into a prepared baking dish lined with parchment paper. Spread it out evenly and press down gently. Allow it to cool completely before slicing into squares.

Once cooled, cut into squares and serve! These delightful snacks can be enjoyed right away or can be stored for later.