In a large bowl, mix butter and peanut butter until smooth. Add in the powdered sugar until a thick dough forms. Fold in the rice krispy cereal.
Roll the peanut butter mixture into balls, and place them onto a large 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 into the melted chocolate and set back onto plates. Let sit until the chocolate has completely set.
