No-Bake Peanutty Caramel Bars

Grease a 9x13-inch baking pan.

Combine caramels, 1/2 cup peanut butter, and water in a large microwave-safe bowl. Heat in a microwave oven on high for 1 minute; stir. Continue heating until melted, 1 to 2 minutes more. Add cereal and peanuts; stir well. Spread mixture into the prepared pan.

Combine remaining 1/4 cup peanut butter, chocolate chips, and butter in another microwave-safe bowl. Heat in the microwave oven on high until melted, 30 seconds to 1 minute. Spread over the cereal layer. Chill in the refrigerator until set, at least 2 hours. Cut into 36 bars.