Grease a 9x13 inch pan with cooking spray; set aside.
In a large saucepan, add the sugar and corn syrup and combine.
1 cup sugar, 1 1/3 cups corn syrup
Turn the stovetop on low heat and stir until the sugar dissolves. DO NOT let the mixture boil.
Once the sugar is dissolved, remove the pan from the heat and stir in the peanut butter.
1 1/3 cups creamy peanut butter
Add the cereal and carefully stir until all of the cereal is coated.
7 cups Rice Chex cereal
Pour the cereal mixture into the prepared pan and spread to an even layer.
Add the chocolate chips to a small microwave-safe bowl.
1 cup semi-sweet chocolate chips
Cook on high in 30-second intervals, stirring after each interval until the chocolate is melted and smooth.
Drizzle over the bars or use a spoon to spread to an even layer.
Let cool, cut into bars and enjoy!