Prepare the Ingredients: Measure out all your ingredients, setting the rice Chex cereal aside. Place peanut butter and semi-sweet chocolate chips in a microwave-safe bowl.
Melt Peanut Butter and Chocolate: Microwave the peanut butter and chocolate chips in 30-second intervals, stirring after each interval until completely melted and smooth. Set it aside to cool slightly.
Coat the Cereal: Add the rice Chex cereal to a large mixing bowl. Pour the melted peanut butter and chocolate mixture over the cereal and stir gently to coat all the cereal pieces evenly.
Add Powdered Sugar: Transfer the coated cereal to a large resealable plastic bag or airtight container. Add the powdered sugar, seal the bag or container, and shake well until the cereal is evenly coated with powdered sugar.
Decorate with Candy Melts: In separate bowls, melt the red and pink candy melts in the microwave (in 30-second intervals). Drizzle the melted candy melts over the puppy chow mixture. Add white chocolate drizzle as well if desired. Sprinkle the heart-shaped sprinkles and candy hearts over the top for a Valentine’s Day look.
Let it Set: Allow the Puppy Chow to sit for a few minutes so the candy melts and chocolate harden.
Serve and Enjoy: Serve the Valentine’s Puppy Chow in a large bowl or package it in gift bags to share with loved ones. Enjoy your sweet, festive treat!