Place wafers in two separate plastic bags (orange in on bag, chocolate in another) and microwave on defrost, one bag at a time, for 1 min. Squeeze bag and repeat until wafers are smooth and melted.
Meanwhile, place 4 cups of popcorn in ungreased 13x9 in. pan.
Cut small hole in 1 bottom corner of 1 bag of melted wafer. Squeeze bag to drizzle half of the melted coating over popcorn; do not stir. Repeat with other bag.
Cover with remaining popcorn and repeat drizzling step with each bag.
Refrigerate 10 min. to set coating.
To eat, break apart into bite-sized pieces.