Prepare the Pan: Line a 9×13-inch pan with parchment paper or lightly grease it.

Melt Ingredients: In a large saucepan over low heat, melt the butter until bubbly. Stir in the mini marshmallows and mix until fully melted and smooth, about 5 minutes.

Combine with Rice Cereal: Remove the pan from heat and quickly add the rice cereal. Mix thoroughly until each piece is coated in the marshmallow mixture. Press it into the prepared pan.

Prepare the Caramel Layer: In a microwave-safe bowl, combine the caramel candies and heavy cream. Heat for about 1-2 minutes until smooth. Stir in the salted peanuts, and pour over the rice crispy base.

Make the Chocolate Topping: In another bowl, combine the milk chocolate chips and peanut butter. Melt in the microwave until smooth, stirring every 30 seconds. Pour this over the caramel layer.

Chill to Set: Allow the pan to cool at room temperature for at least 1 hour or refrigerate for about 30 minutes to set fully.

Slice and Serve: Once set, slice into squares and enjoy.