Heat the oven to 350 degrees F. Spray cookie sheets with nonstick spray or line with parchment paper.
Using a mixer, beat the butter and shortening until smooth. Beat in the white and brown sugars, mix until light and fluffy. Beat in the egg, vanilla and pumpkin puree. In a large bowl, whisk together the flour, baking soda, baking powder, salt, and pumpkin pie spice. Slowly beat the flour mixture into the batter in thirds. Stir in the chocolate chips and the m&m's.
Scoop the cookie dough by heaping tablespoons onto the prepared cookie sheets and bake for 13 minutes, or until the cookies are browned around the edges. Remove the cookie sheets from the oven and let them rest for 2 minutes. Take the cookies off with a spatula and cool them on wire racks.