In a large bowl, combine rice Chex cereal and pretzel pieces.
Melt peanut butter and chocolate together, either on the stovetop or in the microwave.
Pour peanut butter chocolate mixture over cereal/pretzel mixture and stir to combine.
Chill in the refrigerator until the mixture just barely begins to set up (about 30 minutes).
Remove the mixture from the refrigerator.
In a separate, large bowl, put ½ cup powdered sugar on the bottom of the bowl. Add half of the chilled mixture, then add another ½ cup powdered sugar over the cereal and the remaining chocolate/cereal mixture.
Gently stir until the powdered sugar is evenly distributed, tossing to coat the cereal with powdered sugar.
Chill the mixture again in the refrigerator until it’s set (about another 30-60 minutes).
Add more powdered sugar, ¼ cup at a time until the cereal/pretzel mixture is coated.
Add M&Ms and peanut butter cups and stir to combine.
Transfer to a serving bowl and serve.
Store in an airtight container at room temperature for 5-7 days.
Semisweet chocolate. I recommend using dark or semi-sweet chocolate. In my opinion, milk chocolate makes it too sweet. If you need an allergy-friendly chocolate both Hu Kitchen and Enjoy Life Foods make great options! Since it's being melted, you can use any form such as chips, chopped bars, discs, etc.
Creamy peanut butter. This reindeer food recipe can be made with any nut or seed butter if you have a peanut allergy in your family. Cashew, almond, sunflower seed butter, etc.
Rice Chex Cereal. Chex is my favorite cereal to use to make this reindeer chow (or a generic equivalent)! However many people love Crispex!
Mini Pretzels. The pretzels are broken into smaller pieces, so you can use sticks or mini pretzels. I don't recommend thick rods or other large varieties.
Powdered Sugar. I don't recommend making substitutes for the powdered sugar in this Christmas puppy chow recipe.
Candy: Feel free to substitute your favorite holiday candy. I love the red and green M&Ms to give it a Christmas flair, and the peanut butter cups for taste!