Line a 9x13 baking pan with parchment paper and set aside.
In a large pot, melt the butter and peanut butter together on medium high heat until well combined.
Lower the heat slightly and add in the marshmallows. Stir constantly for 2-3 minutes until the marshmallows are melted and mixed into the peanut butter mixture. Remove from heat.
Dump in the rice krispie cereal and use a spatula to fold the cereal into the marshmallow mixture until fully coated.
Transfer the rice krispies from the pot to the pan with parchment paper. Spread until evenly distributed in the bottom of the pan.
In a microwave safe bowl, melt the chocolate chips, stopping every 30 seconds to stir until smooth. Pour the melted chocolate over the rice krispies and spread until even.
Chill the rice krispie treats for 1 hour in the refrigerator. Cut into squares and serve!