In a microwave safe bowl combine the Chocolate Chips, Peanut Butter and Butter. Microwave for 30 seconds. Stir and microwave in additional 15 second increments stirring after each until melted and smooth. Stir in the Vanilla.
In a large bowl add the Cereal and pour the melted chocolate over the top. Gently fold with a spatula until the Cereal is completely coated. Transfer to a Gallon size resealable bag.
In a small bowl combine the Powdered Sugar and Cocoa Powder, sprinkle about half into the bag with the Cereal. Seal the bag, make sure you leave lots of air in the bag, then shake to coat.
Add the remaining Sugar and Cocoa and shake again.
Serve or keep in sealed bag.