In a medium bowl, stir together the crispy rice cereal and coconut. In a large saucepan, combine corn syrup, brown sugar, peanut butter, and vanilla. Cook over medium heat stirring frequently until the mixture comes to a boil.
Remove from heat, and stir in the coconut and cereal mixture until it is well coated. Set the mixture aside until cool enough to handle.
Form the mixture into balls, then make an indention in the center so that they look like little bird nests.
