Line cookie sheet with cooking parchment paper. In large bowl, mix together cereal, pretzels, candies and peanuts.
In small microwavable bowl, microwave peanut butter chips and peanut butter uncovered on High about 1 minute, stirring once, until softened and chips can be stirred smooth. Pour over cereal mixture and stir to evenly coat. Spread mixture in single layer on cookie sheet; cool. Break into pieces. Store tightly covered at room temperature.