Line a large baking sheet with parchment paper or wax paper. You can also grease the paper, but I didn't have any issue with sticking.
In a large pot over low heat melt the butter then stir in the cocoa powder.
1/2 cup unsalted butter
With a wooden spoon or spatula, stir in the sweetened condensed milk and mix together until fully combined.
1/2 cup unsalted butter
Add the caramels and mix until melted and combined, the mixture may look slightly broken at first but it will smooth out.
1/2 cup unsalted butter
Add the vanilla, salt and marshmallows and mix until melted and combined.
1/2 cup unsalted butter
Remove from heat and quickly stir in the cereal.
1/2 cup unsalted butter
Using a large cookie scoop, drop scoops onto the prepared baking sheet. Flatten slightly.
Refrigerate for 30 minutes to 1 hour. Remove from the baking sheet and enjoy or store!