1. Place popcorn in a large bowl.
2. In a microwave-safe bowl, place margarine, caramel chips, peanut butter, and chocolate syrup. Heat in the microwave for one minute. Stir and heat for an additional 20 seconds. Stir well and pour over popcorn. Mix until well coated.
3. Allow to cool for five minutes, then pour into a resealable plastic bag. Pour confectioners’ sugar into the bag and shake until fully coated.