1 box of crispix/chex cereal (I usually use the Rice chex)
1 bag of semi-sweet chocolate chips
1/4 cup of smooth peanut butter
Melt chocolate chips and peanut butter in the microwave in a large bowl, stirring often. Once melted, add entire box of cereal.
Mix cereal into chocolate mixture with a large spoon, until cereal is well coated.
Transfer cereal to a clean brown grocery bag and add powdered sugar. (I usually start with a 1/2 cup and then add more as needed to fully coat the cereal.) Carefully fold down top of the bag, making sure it's sealed well. Then, shake well until all cereal pieces are covered with powdered sugar.
Store puppy chow in an air tight container and enjoy!