In a large microwave-safe bowl add the chocolate chips, butterscotch chips, and butter. Microwave in 30-second bursts until the butter and chips are melted, stirring between bursts to prevent burning.
Add peanut butter pretzels to the melted chocolate. Stir until the pretzels are equally covered.
Add 1/2 cup powdered sugar to two gallon-sized zip-lock bags. Scoop approximately 1/4 cup of chocolate covered pretzel in each bag. Add another 1/2 cup of powdered sugar to each bag. Close tightly and shake until pretzels are coated.
Store coated puppy chow in an air-tight container at room temperature.
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This recipe was calculated using the exact brands and measurements I used to make this recipe. If you are following a strict diet please note changing anything will cause the nutritional info to change. My calculations are intended as a guide only.