Mix the peanut butter, rice syrup, vanilla, cinnamon, 1/4 cup chopped peanuts and carob chips together in a large bowl. Add the cereal, stirring gently until it is well coated. Place a small bowl of water near your work surface. Using wet hands, form the cereal mixture into walnut sized balls and roll the balls in the shredded coconut. Place the balls in a container lined with waxed paper. Store at room temperature or in the freezer.