Place cereal in a large bowl; set aside.
Combine syrup and sugar in a saucepan.
Bring to a boil over medium-high heat; cook 1 minute.
Remove from heat; stir in peanut butter.
Working quickly, pour peanut butter mixture over cereal; toss lightly to coat.
Drop by heaping tablespoonfuls onto wax paper.
Let stand at room temperature until firm, roll in powdered sugar.
Store in an airtight container.