Grease a 9x13 inch baking pan with cooking spray or butter.
In a large microwave-safe bowl, melt the butter on high for 30 seconds.
Add the mini marshmallows to the melted butter and microwave for another 1 minute, stirring halfway through, until the marshmallows are melted and smooth.
Stir in the vanilla extract until well combined.
Add the Fruity Pebbles cereal to the marshmallow mixture and stir until the cereal is evenly coated.
Pour the mixture into the prepared baking pan and press it down evenly using a greased spatula or parchment paper.
Let it cool completely before cutting into squares.
Notes
For extra fun, you can drizzle melted white chocolate over the finished treats or add edible glitter!