Line a 8x8 cake pan with parchment paper, set aside.
In a saucepan over low-medium heat, melt the peanut butter and Nutella. Make sure it doesn’t cook or come to a boil.
Once melted, remove from heat.
Stir in the Cheerios until everything is combined evenly.
Pour the mixture into the cake pan, spread evenly with a spatula.
Place the cake pan inside the refrigerator 45 minutes.
Remove from refrigerator and pull parchment paper out of cake pan, removing the chilled mixture along with it. (I love parchment paper because it doesn’t stick.)
Cut into desires size squares and serve.