In a medium microwave-safe bowl, combine the chocolate chips, peanut butter and unsalted butter. Microwave for 30-second increments, stirring between each increment, until the mixture is smooth.
Remove the bowl from the microwave and stir in the vanilla extract.
Add the cereal to a large bowl then pour the chocolate mixture on top and stir until the cereal is well-coated.
Add the confectioners’ sugar to a large sealable plastic bag then add the cereal mixture to the bag. Seal the bag and shake until the cereal is well-coated.
Line a baking sheet with parchment paper or wax paper then transfer the puppy chow onto the baking sheet to cool completely. Once cooled, stir in the M&Ms and serve or store in an airtight container at room temperature for up to 1 week.
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