In a large mixing bowl, combine the Rice Chex cereal and diced dried apples.

In a microwave-safe bowl, heat the peanut butter and caramel sauce together for about 30 seconds, then stir until smooth.

Pour the peanut butter and caramel mixture over the cereal and apples, and gently stir to coat evenly.

Once coated, sprinkle the powdered sugar over the mixture and toss until well coated.

Spread the mixture onto a baking sheet to cool.