Gather all your ingredients and equipment.

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

Stir in unsweetened cocoa powder and vanilla extract until fully combined.

In a large bowl, pour the rice cereal and drizzle the melted chocolate-peanut butter mixture over it. Gently fold until all cereal pieces are coated.

Transfer the coated cereal into a large resealable bag. Add powdered sugar, seal tightly, and shake until evenly coated.

Spread the puppy chow onto a lined baking sheet to cool before transferring it to an airtight container.

Enjoy immediately or store for later.