Pour the popcorn into a large bowl, removing any unpopped kernels. Set aside.

Place the powdered sugar in a gallon-size Ziploc bag. Set aside.

Place the peanut butter and chocolate chips in a microwave-safe bowl (a cereal bowl is fine). Heat for 30 seconds, stir, then heat for an additional 20 seconds at a time until the mixture is melted and smooth.

Pour the chocolate-peanut butter mixture over the popcorn. Using a large rubber spatula, gently stir to coat.

Spoon the coated popcorn into the bag with the powdered sugar. Seal the bag and shake until the popcorn is evenly coated in powdered sugar.

Once the popcorn is coated, serve immediately. Store up to 2 days in an airtight container.