Separate the 1/2 cup of Lucky Charms cereal and a good amount of the marshmallows into 2 bowls.
Add the lucky charms cereal (without the marshmallows) to a blender or food processor and blend until fine crumbs form. Set aside.
Add 3 tbsp of the marshmallows to the blender/ food processor and crush. Set aside and cover the remaining marshmallows with plastic wrap for later use.
Line a small bowl with plastic wrap. Set aside.
In a bowl, cream together and cream cheese and butter using a mixer
Slowly add in the powdered sugar and mix until mixture is combined
Add in vanilla, the crushed lucky charms cereal and the crushed marshmallows and mix together.
Scoop out the mixture into the plastic lined bowl and cover with plastic wrap. Chill in the refrigerator for at least 2 hours to overnight.
When wrap to serve, remove from the fridge, unwrap and place on a serving platter.
Take the Lucky Charms marshmallows and press into the cheese ball for the coating. I start at the bottom and work my way around in rows.