Preheat oven to 350 degrees.
Line a 9x13 inch baking dish with parchment paper.
Unwrap caramels and place in a small saucepan with butter and sweetened condensed milk.
Cook over medium-low heat, stirring occasionally, until caramels have fully melted and the mixture is nice and smooth
Cream butter and sugar together in a large mixing bowl. Add peanut butter and continue mixing.
Add eggs one at a time, mixing well after each egg. Add in vanilla.
Combine flour, oats, baking powder, and salt in a small mixing bowl.
Add the flour mixture slowly stirring until well combined.
Stir in the chocolate chips.
Spread 2/3 of the dough on the bottom of the pan.
Slowly pour caramel mixture evenly over the dough.
Drop the remaining dough on top by the teaspoon. It doesn't have to be perfect!
Bake for about 30 minutes. Let cool completely and then cut into bars.