Mix graham cracker crumbs, sugar, and melted butter in a bowl.
Press the mixture firmly into the bottom and up the sides of a pie pan to form the crust.
In a separate bowl, beat the peanut butter and cream cheese together until smooth.
Add powdered sugar and beat until fully combined.
Gently fold in the whipped topping until the mixture is light and fluffy.
Spoon the filling into the prepared crust and smooth the top.
Chill for at least 3 hours before serving — overnight if you can wait!