In a medium bowl, use a handheld mixer to combine cream cheese, confectioners sugar, peanut butter, and vanilla. After the ingredients have mixed together thoroughly, fold in ½ cup of Cocoa Pepples. Then, place this mixture in the freezer for 10 minutes.
While the blended cream cheese mixture is in the freezer, place the remaining Cocoa Pebbles in a sealed plastic bag. With a rolling pin, crush the cereal into a fine powder.
When the cream cheese mixture has cooled, take small amounts (about 1 Tbsp) and roll into ball shapes. Roll the balls into the crushed cereal to coat them all over. Once all the cream cheese balls have been covered in the crushed cereal, place back into the freezer for another 30 minutes.
In a small mixing bowl set over a pot of boiling water, whisk the semisweet chocolate chips and 2 Tbsp peanut butter together. When the mixture has melted, coat the now chilled cream cheese balls with the melted chocolate. Place the chocolate coated balls on a baking sheet covered with wax paper. Chill for another 10 minutes before serving.