In a large pot, add the butter, cocoa powder, and espresso powder. Melt over medium-low heat, stirring occasionally. Whisk in the sweetened condensed milk until combined.
Add in the caramels and stir until completely melted and smooth. Add in the marshmallows and mix unit melted and smooth.
Remove from the heat and quickly stir in the vanilla extract. Add in the cereal and fold until the cereal is evenly coated with the mixture.
Line 2 baking pans with parchment paper and use a large cookie scoop to scoop out the cookies onto the parchment and gently press down into a flatter shape.
Place in the refrigerator and allow to set for 30 minutes to 1 hour.
Serve immediately or place in an airtight container for up to three days.
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