
Unwrap the caramels. In a medium saucepan, place the caramels, sweetened condensed milk, and butter. Over medium heat, stir constantly until smooth and creamy.
Using a toothpick or skewer, dip each marshmallow into the caramel mixture. Tap off the excess to avoid a gooey mess.
Pour the Rice Krispies into a big bowl and then gently roll the caramel-covered marshmallow in the Rice Krispies until fully coated.
Place on a cookie sheet that has been lined with parchment paper and gently pull out the toothpick or skewer from the marshmallow.
Let the rice krispie balls set up for about 30 minutes at room temperature to firm up.