Preheat your oven to 350°F (175°C). Line a 9x13 inch baking pan with parchment paper, leaving some overhang on the sides for easy removal.
In a medium saucepan over low heat, combine the vanilla caramels and sweetened condensed milk. Stir continuously until the mixture is smooth and melted. Remove from heat and set aside.
In a large mixing bowl, cream together the unsalted butter, light brown sugar, and creamy peanut butter until smooth and fluffy, about 2-3 minutes.
Beat in the eggs and vanilla extract until fully incorporated, resulting in a well-combined and fluffy mixture.
In a separate bowl, whisk together the flour, baking powder, and salt. Gradually add the dry ingredients to the wet mixture, stirring until just combined.
Gently fold in the oats and chocolate chips until evenly distributed throughout the dough.
Spread half of the cookie dough evenly into the prepared baking pan. Pour the melted caramel mixture over the dough, spreading it out gently with a spatula. Top with the remaining cookie dough, spreading it as evenly as possible over the caramel layer.
Place the baking pan in the preheated oven and bake for 25-30 minutes, or until the edges are golden brown and the center is set.
Once baked, remove from the oven and allow the bars to cool in the pan for at least 20 minutes. Lift the bars out using the parchment paper overhang and transfer them to a wire rack to cool completely before slicing into squares.