In a microwave-safe bowl, combine the semi-sweet chocolate chips, creamy peanut butter, and unsalted butter. Microwave in 30-second intervals, stirring in between, until melted and smooth.

Once melted, stir until fully combined and smooth.

In a large mixing bowl, add the Rice Krispies. Pour the melted chocolate mixture over the cereal and stir until all the cereal is evenly coated.

Transfer the coated cereal mixture onto a baking sheet lined with parchment paper. Sprinkle powdered sugar over the mixture and gently toss to coat evenly.

Let the Muddy Buddies sit for about 10 minutes to set. Once set, break into pieces and serve.