01 -
Combine peanut butter and chocolate chips in a small saucepan. Warm over low-medium heat, stirring continuously until mixture is completely melted and smooth, about 3 minutes.
02 -
Place Chex cereal in a large mixing bowl. Pour the melted peanut butter-chocolate mixture over the cereal.
03 -
Stir gently with a spoon until every piece of cereal is fully covered with the chocolate mixture.
04 -
Transfer the chocolate-coated cereal into a large resealable plastic bag. Add powdered sugar, seal the bag, and shake vigorously until cereal is thoroughly coated. Alternatively, use a large bowl with a fitted lid to shake until coated.
05 -
Return the coated cereal to a clean bowl. Add red and green M&Ms and stir gently with a spoon until evenly distributed.
06 -
Store the finished snack in an airtight container or resealable plastic bag at room temperature.