Step 1

Prepare Baking Sheet: Line a cookie sheet with parchment paper and lay out Ritz crackers in a single layer.

Step 2

Make Caramel: In a small saucepan, combine sweetened condensed milk, butter, and brown sugar. Cook over medium heat for 7-8 minutes, stirring frequently, until the mixture thickens.

Step 3

Add Final Ingredients: Reduce heat to low. Whisk in milk, vanilla, and peanuts until the mixture is smooth. Cook for an additional 2 minutes, then remove from heat.

Step 4

Assemble Cookies: Use a cookie scoop to place a dollop of the caramel mixture on each cracker.

Step 5

Cool: Allow the cookies to cool completely on the baking sheet. Once set, store them in an airtight container.