Place the cereal in a large mixing bowl; set aside.
Place the chocolate candy melts, peanut butter, butter and vanilla in a microwave safe bowl.
Microwave on high for 30 second increments, stirring in between, until chocolate is melted.
Pour the melted chocolate mixture on top of the cereal and stir to combine.
Place 1/2 of the powdered sugar and cake mix into a gallon sized zip top bag.
Add cereal mixture to the bag and top with the remaining powdered sugar cake mixture.
Close the bag and shake until all of the cereal is coated in the sugar.
Place in a large bowl and stir in M&Ms.
Notes
Add Different Candies: Try these Red Velvet Cookie Dough Candies for even more red velvet flavor.
Nutty: Add some nuts for even more crunch flavor.
Variation tip: Neater directions, lay wax paper on a baking sheet. lay out your chex mix and drizzle the chocolate mixture on top, then sprinkle each side with the sugar mixture.
Drizzle: Drizzle with melted chocolate for a polished look.