In a large microwave safe bowl, microwave the peanut butter, honey and 1/4 c. chocolate chips for 90 seconds, stirring every 30 seconds. Add the flax seed and vanilla and stir the mixture until smooth. Add the puffed wheat and oatmeal and fold everything together until well incorporated.
Press the mixture into a large loaf pan or 8"x8" pan and top with the remaining chocolate chips and peanuts. Press everything firmly into the pan and chill for 20 minutes. Cut the chilled bars into 8 pieces and store in an airtight container.