In a large bowl add both kinds of Chex cereal and stir gently to avoid breakage to completely mix, set aside.
In a medium glass bowl add chocolate chips, peanut butter, and butter and melt in the microwave in 30 second intervals, stirring in between each one until the mixture is melted and completely smooth.
Add in the vanilla extract and salt, stirring until fully combined.
Pour the chocolate peanut butter mixture on top of the Chex cereal and gently mix (to avoid breakage) with a spatula until fully covered.
Working in two batches, pour half the Chex mix into a ziplock bag with 1 cup of powdered sugar, seal the bag and shake until all the cereal is covered with powdered sugar.
Pour the powdered sugar Chex mix onto a baking sheet and place aside. Repeat with the other half of the Chex cereal and powdered sugar in the same bag, making sure to seal the bag and shake until the Chex cereal is completely covered.
Pour the cereal mixture onto the baking sheet and allow to cool completely. You can place it in the refrigerator to speed up the process.
Once you are ready to serve or share, add the cereal mixture to a large bowl, mix in the M&M’s, pretzels, peanuts, and Reese's peanut butter cups and mix until fully combined and enjoy!
Several different variations can be made to this recipe, see above for some tips!
This is great to give as gifts.
Double this recipe easily to serve more to guests or give away.