Measure and pour your Chex cereal into a large mixing bowl. Set aside.
4 cups Chex cereal
Add the milk chocolate melting wafers, creamy peanut butter, and vanilla extract to a microwave-safe measuring cup or bowl. Microwave in 20-second increments at 50% power until completely melted, stirring vigorously after each time you heat it.
½ cup Ghirardelli Milk Chocolate Flavored Melting Wafers, ⅓ cup creamy peanut butter, ½ tsp vanilla extract
Pour the melted chocolate and peanut butter mixture over the Chex cereal and mix using a silicone spatula spoon until all cereal pieces are completely coated. As you mix the cereal, gently scoop from the bottom of the bowl to ensure you get any pools of chocolate that have settled.
Pour the chocolate-coated cereal into a 1-gallon plastic zipper bag and add the powdered sugar. Seal the bag and shake it until all the cereal is coated in powdered sugar. Make sure you flip the bag upside down a few times to ensure all pieces receive a good coating of powdered sugar.(At this point you can spread the puppy chow out on a sheet pan to help the coating set up more quickly but, if I'm being honest, I always end up eating it right out of the bag- it turns out fine!) ¾ cup powdered sugar
Enjoy your puppy chow! Once the outer chocolate coating is completely cooled and set, store the puppy chow in an airtight bag or container.