In a large bowl, combine the rice Chex cereal and mini pretzels. Set aside.
In a microwave-safe bowl, combine the chocolate chips, peanut butter, and butter. Microwave in 30-second intervals, stirring in between, until everything is melted and smooth.
Stir in the caramel sauce and vanilla extract into the melted chocolate mixture until well blended.
Pour the chocolate mixture over the cereal and pretzels, gently folding to coat the mixture evenly.
Sprinkle sea salt over the mixture and gently fold again.
Transfer the coated mixture onto a large baking sheet lined with parchment paper, spreading it out into an even layer.
Allow it to cool for about 10-15 minutes to let the chocolate set.
Once cooled, transfer the mixture to a large bowl and generously sprinkle powdered sugar over the top. Toss the mixture until everything is evenly coated in powdered sugar.
Store the Caramel Pretzel Puppy Chow in an airtight container at room temperature for up to one week.
Notes
Serve in rustic paper bags or clear glass jars tied with twine for a charming touch. Sprinkle additional crushed pretzels on top for extra crunch!