In the microwave or in a saucepan over medium heat melt caramels, stirring frequently until smooth. Stir in the Rice Bubbles and peanuts. Spread the mixture out to an even thickness onto a buttered baking tray. Set aside to cool.
In the microwave or in a metal bowl over a pan of simmering water melt chocolate chips, stirring frequently until smooth. Remove from heat. Spread over the cooled caramel slab. Chill to set then cut into squares or bars.