Combine peanut butter and cream cheese in a medium bowl, mixing well.
Add sugar and stir to combine.
Add peanuts, stirring until fully combined.
Shape batter into 1-inch balls; place on small plate.
Freeze for 15 minutes.
Place chocolate in a small bowl and microwave in 15 second increments, stirring after each, until fully melted.
Line a plate with waxed paper.
Place one peanut butter ball in melted chocolate.
Using a fork, flip to coat all sides.
Scrape tines against the edge of the bowl to remove excess chocolate, and transfer truffle to lined plate.
When all truffles are coated, refrigerate for 10 minutes to allow chocolate to harden.
Eat or refrigerate in a covered container until ready to serve.