In a large bowl, combine the peanut butter and chocolate Chex cereals and set aside.
5 cups Peanut Butter Chex Cereal, 4 cups Chocolate Chex Cereal
In a medium saucepan, combine the chocolate chips, chocolate peanut butter, and butter over medium-low heat. Stir continuously until everything is melted, being careful not to burn the chocolate.
1 cup semi-sweet chocolate chips, ½ cup creamy chocolate peanut butter, ¼ cup butter
Pour the chocolate peanut butter mixture over the Chex cereals and stir gently until all the cereal is evenly coated.
Transfer the chocolate-coated cereal mixture to a 2-gallon resealable food storage bag. Add the confectioners' sugar to the bag. Seal the bag and shake gently until all the cereal is evenly coated.
1½ cups confectioners' sugar
Spread onto waxed paper to cool and store in an airtight container.