Place the popcorn in a very large bowl and remove all seeds. Place the powdered sugar in a gallon sized ziptop bag.
8 cups popped popcorn, 1 1/4 cups powdered sugar
Combine the chocolate chips and peanut butter in a small microwave safe bowl. Microwave on high for 1 minute, then stir until it is completely melted and smooth. (If the chocolate is not completely melted, continue to microwave on 50% power in 30 second increments.
1/2 cup semi-sweet chocolate chips, 1/4 cup creamy peanut butter
Pour the chocolate/peanut butter mixture over the top of the popcorn, and gently stir to coat all of the popcorn. Spoon the popcorn into the ziptop bag and gently shake to coat the popcorn with the powdered sugar.
Pour the mixture into a bowl. Store leftovers in an airtight container for up to 2 days.
Notes
slightly adapted from Party PopcornNutrition information provided as an estimate only. Various brands and products can change the counts. Any nutritional information should be used as a general guide.