Line a baking sheet with parchment paper or a silicone mat. Pour the Rice Krispies Cereal into a large bowl and set both aside. Insert a toothpick or skewer into each marshmallow and unwrap the caramels.
In a medium saucepan over medium heat, combine the caramels sweetened condensed milk, and butter. Stir constantly until smooth and creamy (about 8-10 minutes).
Remove the pan from the heat and let the caramel cool slightly (about 2-3 minutes). The short rest matters! Dipping marshmallows immediately is the most common reason marshmallows melt or slide off the toothpick.
Working one marshmallow at a time, dip it into the caramel, turning to coat completely. Tap off the excess, then immediately roll it in the Rice Krispies cereal. The caramel sets up fast, so coat each one right away rather than dipping a batch first.
Place each one on the prepared baking sheet and gently twist out the toothpick.
Let them set at room temperature for about 30 minutes before serving or storing.
Notes
The nutrition info is calculated per rice krispie ball.Store them in an airtight container and store them in the fridge. Let them set our for about 1 hour before serving.