Start by popping your popcorn. If using an air popper, simply follow the manufacturer’s instructions. If you’re making it on the stovetop, heat a few tablespoons of oil in a large pot, add the popping corn, and cover it. Once the popping slows, remove it from the heat. Keep your popcorn plain—no butter or salt needed here!
In a double boiler or microwave-safe bowl, combine the semisweet chocolate chips, creamy peanut butter, and unsalted butter. Heat in short intervals, stirring in between, until everything is melted and smooth.
Once your chocolate and peanut butter mixture is smooth, stir in the vanilla extract.
Pour the melted chocolate-peanut butter mixture over the popped popcorn in your large mixing bowl. Using a spatula, gently fold the mixture into the popcorn until every piece is well-coated.
Sprinkle the powdered sugar over the coated popcorn and continue to fold gently until the sugar is evenly distributed.
Spread the coated popcorn mixture out onto a cookie sheet lined with parchment paper. Allow it to cool for at least 30 minutes to set. Once cooled, break it apart into clusters for serving.