Step 1

Place the Special K Cereal into a large resealable bag. Roll over the bag with a rolling pin to slightly crush the cereal. Transfer to a bowl and set aside.

Step 2

Line a large platter or cookie sheet with parchment paper and set aside.

Step 3

Place the unwrapped caramels, butter, and sweetened condensed milk into a microwave-safe bowl. Microwave on high speed for 30 seconds. Remove and stir with a rubber spatula. Continue to microwave the mixture in 30-second increments until all of the ingredients are melted together and well combined.

Step 4

Working with one marshmallow at a time, drop it into the warm caramel. Use a fork to push the marshmallow down into the caramel until fully submerged. Use the fork to lift the marshmallow out. Tap the fork gently on the side of the bowl to encourage the excess caramel to drip off.

Step 5

Transfer the marshmallow to the bowl of crushed cereal and turn to fully coat.

Step 6

Place coated marshmallow on a parchment-lined platter.

Step 7

Once all marshmallows are coated, transfer platter to fridge and chill for 2 hours before serving. Keep refrigerated at all times.