Melt together chocolate, oil, and coconut milk over a double boiler, stirring frequently. Once melted, remove from heat and stir in vanilla. Pour into an 8-inch square baking dish and refrigerate just until chocolate can be rolled into a ball, about 2 hours.
Once pliable, scoop into 1 inch balls. Roll in cocoa powder. Store in an airtight container and refrigerate.
OPTIONS: Make this recipe diverse by substituting different extracts for the vanilla. Almond, peppermint, and orange extract are all great options! Truffles can also be rolled in toasted coconut or chopped nuts. To coat truffles in chocolate, freeze truffle balls for 15 minutes and dip into melted chocolate, and place onto parchment paper. For a fun surprise, form the truffle ball around berries or nuts!