Line a 9x13 baking sheet with parchment paper and set aside.
Place 2 cups of the Chex in a medium mixing bowl. Set aside.
In a small microwave-safe bowl, place the red candy melts. Microwave on high for 2 minutes, stopping every 30 seconds to stir the candy melts so they don’t burn.
Once the candy melts are smooth when stirred, without lumps, drizzle them over the top of the Chex cereal and gently mix until the cereal is fully coated. Be patient or you’ll break all your cereal.
Sprinkle ¼ cup powdered sugar over the red coated cereal while it’s still wet, and using rubber gloves, gently toss the cereal before adding another ¼ cup powdered sugar and tossing again so they’re nice and coated.
Place the red muddy buddies on one side of the prepared baking sheet and roughly spread them to dry (this doesn’t have to be flat or perfect).
Place remaining 2 cups of the Chex in another medium mixing bowl. Set aside.
In a small microwave-safe bowl, place the blue candy melts. Microwave on high for 2 minutes, stopping every 30 seconds to stir the candy melts so they don’t burn.
Sprinkle ¼ cup powdered sugar over the blue coated cereal while it’s still wet, and using rubber gloves, gently toss the cereal before adding another ¼ cup powdered sugar and tossing again so they’re nice and coated.
Place the blue muddy buddies on the other side of the prepared baking sheet and roughly spread them to dry. Rest for another 10 minutes.
Place the muddy buddies in a serving bowl and toss in the M&M’s. Enjoy!