In a medium size bowl, add the chocolate chips and peanut butter chips (or peanut butter).
Melt in the microwave in 30 second intervals, stirring in between, until melted.
Pour the melted chocolate mixture over the cereal and stir to combine. You want to get all the pieces coated in chocolate.
Pour the cereal mix into a large paper bag (like a grocery bag) and add the powdered sugar and chocolate candies.
Close, and shake so everything gets dusted in sugar.
Notes
You can use creamy peanut butter instead of peanut butter chips. You can use almond butter or sunflower seed butter instead of peanut butter if you prefer. If you don't want to melt the chips in the microwave you can also do this over low heat on the stove top.