Place coconut oil in a large microwave-safe bowl; warm in the microwave, about 1 minute. Stir in coconut, honey, and vanilla extract. Form into balls and place on a freezer-safe plate. Freeze until solid, about 10 minutes.
While fat bombs are chilling, melt chocolate chips in a microwave-safe bowl in the microwave, about 1 minute. Drizzle melted chocolate over fat bombs. Return to the freezer until chocolate is set, about 10 minutes more.