Preheat oven to 350 degrees and line a baking sheet with parchment paper.

In a large bowl, beat together the butter, brown sugar, and white sugar until light and fluffy. Add the peanut butter and vanilla and beat to combine.

Mix in the eggs

In a separate bowl, whisk together the flour, baking powder, salt, and baking soda. Add half the dry ingredients to the butter mixture and beat to combine.

Add the remaining dry ingredients and mix until well combined.

Stir in the quick cooking oats until well combined.

Add the peanut butter chips and chocolate chips. Stir until mixed.

Use a ¼ cup measuring cup to scoop out balls of dough. Place each dough ball 3 to 4 inches apart on the line baking sheet. Press the balls down slightly and top each ball with 3 to 4 M&Ms.

Bake in the preheated oven for 16 to 18 minutes, until the edges are golden brown but the centers are still soft.

Allow the cookies to cool on the baking sheet for 5 minutes, then transfer to a wire cooling rack to cool completely before serving.