In a large bowl, combine the Cheerios, crisp rice cereal, peanuts and M&M's; set aside.
In a saucepan, bring corn syrup and sugar to a boil, stirring frequently. Remove from the heat; stir in peanut butter and vanilla extract. Pour over cereal mixture and toss to coat evenly. Spread into a greased 15 x 10-inch baking pan. Cool. Cut into 3-inch square bars.