Melt chocolate chips in microwave. Start with 30 seconds, then stir and return to microwave in 15 second intervals being sure to stir between each until the chocolate is smooth.
Stir in the peanut butter until completely combined.
Fold in cereal and pretzels until well coated.
Place in a gallon zip topped bag with the red velvet cake mix and shake until coated.
Allow to set up, then stir in M&M's before serving.