Mice are primarily nut and seed eaters, so the best bait will contain these foods. Peanut butter and other nut butters, such as almond butter, work especially well. Even spreads such as Nutella are very effective at catching mice. Mice also tend to prefer sweet foods, so items such as marshmallows, gum drops, and other sweet foods work best.
Just as important as the type of food placed in a trap, it is equally important how it is placed. Loose food, such as pieces of cheese, allow mice to simply take the food and continue on their way with it. When food can be pushed onto the trap though, it forces a mouse to step onto the trap and apply the necessary pressure to release the trap and kill the mouse.