Place crumbled chocolate cake, sweetened condensed milk, and peanut butter in a large bowl. Stir until well combined, you want the mix to hold together when pressed.
Using a small scoop or tablespoon measure, portion the mix, and roll into balls. Place the balls on a parchment or wax paper lined baking sheet and place in the freezer.
Freeze for 30 minutes or until firm and set.
While the cake portions are chilling, place half of the candy melts in a microwave safe bowl. Microwave at 30 second intervals, stirring in between each round, until melted. Pour the melted chocolate into a cup for easy dipping.
Working with just a couple cake portions at a time, insert a lollipop stick about 1/2-inch into the center of the cake ball.
Dip the cake into the chocolate coating, covering completely. Gently tap the stick over the rim of the cup, allowing any excess coating to drip off.
Decorate the top with sprinkles and place, upright, into a styrofoam block or cardboard box.
Set the cake pops aside to set, about 1 hour, before serving.