Preheat the oven to 320˚F. Line a baking sheet with parchment paper or a silicone baking mat.
Place the Nutella and honey in a small bowl, and microwave for 20-30 seconds. Mix together until smooth.
In a medium bowl, mix together the oats and pretzels. Mix in the melted Nutella mixture until the oats are coated with the mixture.
Spread the oat mixture on the prepared baking sheet, and bake for around 17 minutes. Let cool.
Store in an airtight container.