Line a 9x9 pan or 7x11 with parchment paper and set aside.
In a medium saucepan, heat peanut butter and honey over medium heat, stirring constantly to avoid burning.
Stir for 2 minutes until mixture is smooth. Remove from heat.
Add in vanilla and chocolate chips and stir to fully incorporate. The chocolate chips should melt with the remaining heat.
Mix in crispy rice cereal and oats until completely coated in peanut butter mixture.
Pour mixture into prepared pan, smashing down with the back of mixing spoon.
Place foil or plastic wrap on top of mixture and press down firmly to spread mixture throughout the pan.
Cover chill in the fridge for 2 hours.
Remove from fridge and cut into ~16 bars
*Note, if it seems too dry once adding in cereal and oats you can add in 1 tbsp of milk to get mixture to come together. I've made these several times, sometimes I need it, sometimes I don't.