In a large container with a lid, combine cereal, pretzels, and peanuts.
Combine chocolate chips, peanut butter, and butter in a microwave safe container. Microwave for 90 seconds, stirring after 60 seconds. Heat until smooth. Stir in vanilla.
Pour chocolate mixture over the cereal mixture. Stir until coated completely. Allow to rest 5-10 minutes.
Add 1 cup of powdered sugar, cover and shake until fully coated. Allow to rest an additional 5-10 minutes.
Add remaining powdered sugar. Cover and shake once more.
Spread on a baking sheet and allow to fully cool before returning to the airtight container.
Keyword chocolate, dessert, holiday treats, no bake, peanut butter, salty and sweet, sweets