Gather all your ingredients measured and ready to go.
In a small saucepan, heat the heavy cream over medium heat until it simmers. Remove from heat and add the semi-sweet chocolate chips. Let sit for 2 minutes.
Stir the mixture until smooth, then add vanilla and peppermint extracts. Mix well.
Cover the bowl with plastic wrap and refrigerate for 2 hours.
Scoop out portions of the chocolate mixture, roll into balls, and place on a parchment-lined baking sheet.
Roll half of the truffles in cocoa powder and the other half in powdered sugar. Refrigerate for another 30 minutes to set.