Combine cereal and peanuts in a large paper grocery bag.

In a small saucepan, heat white chocolate and peanut butter over low heat until melted. *Be careful not to overheat!

Pour melted white chocolate mixture over cereal; fold bag and shake until evenly coated.

Let stand a few minutes to cool.

Sprinkle with 2 c. powdered sugar and shake to coat.

Add candy corn and remaining powdered sugar and shake until evenly coated.

Spread on baking sheet to cool.