In a large mixing bowl, measure out the Rice Chex cereal and set aside.

In a microwave-safe bowl, combine the semi-sweet chocolate chips, creamy peanut butter, and unsalted 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 all the cereal is evenly coated.

Transfer the chocolate-coated cereal to a large resealable plastic bag. Add the powdered sugar, seal the bag, and shake until the cereal is well coated.

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