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Line a large baking tray with parchment paper and set aside.
For the peanut butter layer: Combine the butter, peanut butter, and vanilla in a medium-size glass bowl and microwave for 90 seconds. Stir to combine. Add the powdered sugar and stir again until smooth. Pour the peanut butter mixture onto the parchment lined tray and spread to approximately ½-inch thickness.
For the chocolate layer: Combine the condensed milk, chocolate chips, butter, and vanilla in a medium-size glass mixing bowl and microwave for 90 seconds. Stir until smooth and creamy. Pour the chocolate over the peanut butter layer and spread to the edge of the peanut butter with a spatula or knife.
As soon as you pour the chocolate layer, use the edge of a knife or end of a spoon to lightly swirl the layers together. Place in the refrigerator and chill until firm, at least 4 hours. Slice into bite-size pieces. Store in an airtight container in the refrigerator for up to 2 weeks. Enjoy!