Add peanut butter and semi-sweet chocolate chips to a microwave safe bowl. Microwave for 30 seconds, stir and microwave for another 30 seconds. If mixture is not smooth and creamy, microwave for an additional 15 seconds.
Pour 10 oz bag of oyster crackers into a large bowl and add the melted chocolate + peanut butter mixture over the top. Gently fold the mixture into the crackers, making sure each piece is coated.
Add powdered sugar to a gallon sized bag and pour oyster crackers inside. Seal the bag and shake until all pieces are covered in powdered sugar. Add more powdered sugar (1/4 cup at a time) if you want extra coating.*If you want a two toned look, divide your powdered sugar into two bags. To one bag, add 2 Tablespoons of cocoa powder.