Preheat oven to 350°F (175°C). Line a 9x13 inch baking sheet with parchment paper.

In a large bowl, combine crushed pretzels and melted butter. Press into the bottom of the prepared baking sheet.

In a medium bowl, combine half of the peanut butter with the powdered sugar until smooth. Spread evenly over the pretzel crust.

In a microwave-safe bowl, combine caramel candies and heavy cream. Microwave in 30-second intervals, stirring until smooth and melted.

Spread the caramel mixture evenly over the peanut butter layer.

In a separate bowl, melt the chocolate chips. Spread melted chocolate over the caramel layer.

Drizzle the remaining peanut butter over the chocolate layer.

Refrigerate for at least 2 hours before cutting into bars.