And the actual "Riverdale" cast makes a cameo, too.
Fallon plays Charlie, who is positioned as the Archie of the gang, but he also doubles as narrator, which is Jughead Jones' job on the hit CW drama.
"Our town presents itself like so many other small towns - safe, decent, innocent," Fallon's character says in the sketch over a series of eerie clips. "Get closer though, you start to see the shadows underneath."
The shadows he's referring to include Linus mysteriously dying in the pumpkin patch and Charlie Brown's secret rendezvous with his teacher.
Of course the teenaged versions of the "Peanuts" characters get down to the classic theme song at their fall formal, and you better believe the actual "Riverdale" cast makes a cameo.