Measure out the 9 cups of Chex cereal into a large bowl, set aside.
In a grocery bag, or large plastic bag, measure out 2 cups of powdered sugar and set aside.
In a large saucepan, measure out the butter, peanut butter, and chocolate chips.
Melt the chocolate chips, peanut butter, and butter together in the saucepan over low heat. Don't turn the heat on the stove up too high, or you will burn it. It should take a few minutes to completely melt this mixture.
Pour this melted chocolate mixture over the 9 cups Chex in the large bowl. Stir it all together, making sure that all the pieces of Chex are covered in the melted chocolate.
Pour this chocolate Chex mixture into the plastic bag with powdered sugar in it. Tie the bag and throw the bag around until all the Chex pieces are coated in a layer of powdered sugar. If you want to add more powdered sugar to your preference, you can. I usually add about 1 and half more cups.
Open the bag and pour out into a bowl to enjoy! Perfect for parties or to just snack on!