Tear off a large sheet of wax paper and place on a flat surface.
Make sure all of the popcorn kernels are fully popped. Remove any grannies (unpopped) ones.
Place popcorn and Fritos into a large bowl.
Melt the white chocolate per package instructions and pour over the popcorn mixture.
Stir to coat.
Pour mixture out onto the wax paper and spread out evenly.
Sprinkle with M&Ms and let cool completely before serving.