In a large mixing bowl, beat softened cream cheese and peanut butter together until completely smooth.

Gradually add powdered sugar and vanilla extract, mixing until a firm dough forms.

Roll the mixture into 1-inch spheres and place them on a baking sheet lined with parchment paper.

Place the tray in the freezer for 30 minutes to firm the centers.

Melt the chocolate chips and coconut oil in a microwave-safe bowl in 30-second increments, stirring until smooth.

Using a fork or dipping tool, coat each ball in the melted chocolate and return to the parchment paper.

Refrigerate for at least 15 minutes until the chocolate shell is fully set.