Line a 7-inch x 11-inch baking dish with parchment paper. Set aside.
Bottom Chocolate Layer
Use a double boiler to melt 1 1/2 cups semi-sweet chocolate chips and 1/4 cup creamy peanut butter. Stir occasionally until smooth. Pour into the baking dish. Pop this in the freezer for about 5 to 10 minutes to harden.
Nougat-Cheesecake Layer
Combine 7.5 ounces marshmallow fluff, 1/4 cup creamy peanut butter, and 1 1/2 cups powdered sugar in a mixing bowl, stir until combined.
Pop the 8 ounces cream cheese in a stand mixer and whisk on medium speed until smooth and fluffy. Add the ingredients from the other bowl into the mixer and whisk until combined. Pour over the chocolate layer you placed in the freezer earlier. Sprinkle 1 cup dry roasted unsalted peanuts over the mixture and press down slightly. Pop back in the freezer for about 5 to 10 minutes.
Caramel Layer
Use a double boiler to melt 11 ounces caramels with 1/4 cup heavy cream. Simmer over hot water until the caramel is smooth.* Pop the baking dish back in the freezer for about 5 to 10 minutes.
Top Chocolate Layer
Use a double boiler to melt 1 1/2 cups semi-sweet chocolate chips and 1/4 cup creamy peanut butter. Stir occasionally until smooth. Pour into the baking dish. Pop this in the freezer for about 5 to 10 minutes to harden.
Cut into 12 squares with a sharp knife.** This recipe is a bit messy. Just roll with it. It's totally worth it.
Notes
*Allow the caramel to cool slightly for 3-5 minutes before pouring it over the cheesecake and peanuts. **Dip a sharp knife into hot water to help it slice through the cold layers. Clean off the knife with hot water and a paper towel between slices.