In a medium bowl, mix peanut butter, butter, and powdered sugar. Beat or stir until fully incorporated and no dry powdered sugar remains. The mixture should be smooth and creamy.
Using a 1 ½ inch scoop, portion the mixture and roll into balls. Place them on parchment paper, then refrigerate for 15-20 minutes until they become firm.
Place chocolate in a microwave-safe bowl and melt in 30 second intervals, stirring after each interval, until smooth and creamy. Stir to avoid burning the chocolate.
Take the balls out of the refrigerator. With a fork, dip each ball into the chocolate until completely covered. Put them back on the parchment paper and continue until all balls are coated. Let the chocolate set before serving.