In a large bowl, mix butter and peanut butter together until smooth. Add in the powdered sugar until combined. Fold in the rice krispy cereal and chocolate chips.
Roll the mixture into balls and set onto a plate. Freeze for at least 20 minutes. Place the chocolate chips into a microwave-safe bowl, and heat in the microwave in 30-second intervals, stirring well until it is fully melted and smooth.
Fully coat each peanut butter ball in the melted chocolate and set onto a plate. Let sit until it is completely set.
