Spray a 9-inch baking dish with cooking spray. Line with parchment paper and set aside.
Combine caramels and three tablespoons of evaporated milk in a microwave safe bowl. Heat in 30 second increments, stirring in between, until caramel is melted and smooth. Keep warm and set aside.
Combine butter, sugar, and evaporated milk in a heavy bottomed saucepan.
Bring to a boil over medium heat, stirring frequently.
Once at a full boil, continue boiling for 5 minutes, stirring continuously and scraping down sides of pan.
Remove from heat and stir in chocolate. (I use a whisk to get out all the lumps.)
Stir in marshmallow creme and vanilla extract.
Fold in pecans.
Pour half of the fudge into the prepared baking dish.
Spoon the caramel over the top, carefully spreading.
Spoon the remaining half of the fudge on top of the caramel and smooth out the top with an offset spatula.
Let cool to room temperature and then refrigerate for at least two hours.
Cut into small squares and serve.