In a large bowl, beat together 2 cups peanut butter, ½ cup salted butter, and 2 teaspoons vanilla extract until fully combined.
Add 2 cups powdered sugar (½ cup at a time), mixing a little between each addition so it doesn't make a mess.
Fold in the 3½ cups rice krispies cereal and portion the mixture out onto a parchment-lined baking sheet with a medium cookie scoop.
Roll the balls between your palms to smooth them out.
Melt 20 ounces chocolate melting wafers in a deep wide-mouth cup or bowl at 30-second intervals, stirring between each one, until fully melted.
Dip the balls in the melted chocolate one at a time, letting any excess chocolate drip off, then placing back on the parchment.
Reheat the chocolate if it begins getting too cool and thick, then finish dipping the balls.
Let the balls sit at room temperature until the harden or pop them in the fridge for 15 minutes.