Preheat the oven to 350 degrees. Line two pans with parchment paper or silicone baking mats.
Melt the butter over medium heat on the stove. Stir regularly and remove the pan from heat immediately once all is melted. Pour into a large mixing bowl and whisk in the peanut butter. Add the brown sugar, sugar, and vanilla extract, stirring to combine. Add the eggs and whisk to incorporate.
Add the flour, baking powder, baking soda, and salt to the mix immediately and fold to combine. Don’t waste a lot of time as the mixture will be harder to work with as it sits and cools. Fold in the chocolate, caramel chips, and pretzels.
Scoop 1-1/2 tablespoon-sized scoops (I use a large cookie scoop) of dough on the baking sheets about 2 inches apart. Roll the dough in your hands to smooth and stick random pretzel chunks on the top of the dough balls if you want visible pieces after baking. Bake in the preheated oven 10-11 minutes or until the edges are set. Allow to cool briefly before eating!