Line a baking sheet with parchment paper and set aside.
In a medium microwave-safe bowl, combine the milk chocolate chips, creamy peanut butter, and unsalted butter. Microwave in 30-second intervals, stirring in between, until the mixture is completely melted and smooth (about 1-2 minutes).
Stir in the vanilla extract to the melted mixture.
In a large mixing bowl, pour the rice cereal and then pour the melted chocolate mixture over the cereal. Gently fold until all the cereal pieces are evenly coated.
Add the powdered sugar gradually, stirring gently to coat the chocolate-covered cereal evenly.
Once everything is well mixed, add the Easter-themed candies and sprinkles, folding them in carefully to avoid crushing the candies.
Pour the mixture onto the prepared baking sheet and spread it out into an even layer. Allow it to cool for 10-15 minutes until set.
Once cooled, break the puppy chow into pieces and enjoy!