In a microwave-safe bowl, combine chocolate chips and peanut butter. Microwave in 30-second intervals, stirring between each, until smooth.

Place the Chex cereal in a large mixing bowl. Pour the melted chocolate-peanut butter mixture over the cereal and gently fold to coat every piece.

Transfer the coated cereal into a large resealable plastic bag. Add the confectioners’ sugar, seal the bag, and shake vigorously until each piece is dusted like a little powdered sugar snowball.

Spread the puppy chow on a baking sheet to cool and set for about 5 minutes.

Serve immediately or store in an airtight container for up to 2 weeks of snack mix goodness.