Line a 9×13-inch pan with foil (leave an overhang for easy lifting) and spray the foil with nonstick cooking spray.
Measure the Fruity Pebbles into a large, heatproof bowl and set aside.
In a large saucepan over medium-low heat, melt the unsalted butter, stirring occasionally until fully melted.
Add the mini marshmallows to the melted butter and stir continuously until the marshmallows are completely melted and the mixture is smooth. Remove the pan from the heat.
Stir the vanilla extract into the melted marshmallow mixture until combined.
Pour the marshmallow mixture over the cereal and gently fold with a rubber spatula until the cereal is evenly coated.
Transfer the coated cereal to the prepared pan. Using a spatula sprayed with nonstick cooking spray or a piece of wax paper lightly sprayed with cooking spray, press the mixture firmly and evenly into the pan.
Let the bars cool and set at room temperature until firm, about 30 minutes. Use the foil overhang to lift the slab from the pan and slice into bars.
Store the bars in an airtight container at room temperature for up to 3 days.