Melt the chocolate chips in a microwave in 30 second intervals, stirring in between each time until the chocolate is smooth and melted (heating in intervals will ensure you don’t burn the chocolate). Set aside.
In a large bowl using an electric mixer, beat together the softened cream cheese and 1 cup of the confectioner’s sugar. Add in the melted chocolate and peanut butter, beat until smooth. Last, add the remaining 2 cups of confectioner’s sugar and beat on medium speed until everything is combined. Place plastic wrap on top of the mixture and put in to the refrigerator to set for about 2 hours.
Once the truffles have set, use a melon baller to scoop the mixture and shape into balls. Coat half of the recipe in chopped peanuts and half in cocoa powder. Store in the refrigerator for up to a week.