Fill a heavy bottom pot 5-6 inches deep with vegetable oil. Use an oil or candy thermometer in the oil to monitor the temperature. Bring oil to 375°F.
In a large bowl, mix peanut butter, rice krispies and powdered sugar with a spatula or your hands.
Use a tablespoon or melon baller to scoop out some peanut butter mixture.
Roll it with your hands and flatten it into a circle.
Place 5-8 chocolate chips into the middle.
Fold peanut butter sides up and close at the top. Roll into a ball with your hands and make sure the chocolate is secure inside.
If your peanut butter balls are too soft and squish when you pick them up, put them on a baking sheet on parchment paper and freeze for 10-20 minutes.
Add pancake mix, milk, vegetable oil and egg to a mixing bowl.
Whisk until most of the lumps are gone. Batter should be thick enough to coat your peanut balls without the batter running off. Add more mix if the batter is too runny or more milk if it is too thick. Let batter sit for 5 minutes.
Coat peanut butter ball in batter. Shake gently to remove excess batter.
Gently place ball into hot oil being careful to keep your hands away from the oil and splatter.
Use a slotted spoon or heat resistant spatula to flip the ball over continually to cook evenly.
Remove from the oil when the ball is a deep golden brown. Place on a wire rack covered in paper towel to absorb excess oil.
Allow to cool for 5-10 minutes, then eat while warm.