Combine flour, granulated sugar, brown sugar, sprinkles, baking powder, and salt in a medium bowl. Add oil and vanilla, then mix until evenly moistened. Squeeze handfuls together to form large clumps, then transfer to the prepared baking sheet, breaking up into clusters of varying sizes. Bake for 10-12 minutes, stirring occasionally, until golden brown and crunchy. It will firm up more as it cools.
3/4 cup cake flour or all-purpose flour, 1/2 cup granulated sugar, 2 Tablespoons light brown sugar, 2 Tablespoons rainbow sprinkles, 1/2 teaspoon baking powder, 1/2 teaspoon kosher salt, 1/4 cup grapeseed oil, 1 Tablespoon clear imitation vanilla extract