Thoroughly grease a 9x13-inch baking pan (or line with parchment with overhang for easier removal).
Make the bottom chocolate layer: melt 1 1/4 cups milk chocolate chips (or dark/semi‑sweet) together with 1/4 cup creamy peanut butter in a small saucepan over low heat or in 20–30 second bursts in the microwave, stirring until smooth. Pour and spread evenly into the prepared pan. Chill until set: about 30 minutes in the refrigerator or 15 minutes in the freezer.
While the bottom layer chills, make the nougat layer: in a medium saucepan over medium heat melt 4 tablespoons butter. Add 1/2 cup granulated sugar and 1/4 cup canned coconut milk (or regular milk), stir until the sugar dissolves, then bring to a gentle boil. Let boil, stirring occasionally, for 5 minutes.
Remove the saucepan from heat. Stir in 1 1/2 cups marshmallow fluff and 1 teaspoon vanilla extract until smooth. Fold in 1 cup salted peanuts (roughly chopped).
Pour the nougat evenly over the chilled bottom chocolate layer. Return to the refrigerator to cool until set, about 30 minutes (or about 15 minutes in the freezer).
Make the caramel layer: place the entire 14-ounce bag of caramels and 1/4 cup coconut milk (or cream) in a small saucepan over low heat. Stir frequently and heat until the caramels melt and the mixture is smooth (about 8–12 minutes). Remove from heat.
Pour the melted caramel evenly over the cooled nougat layer. Allow the caramel to cool and set slightly, about 10 minutes (it should be cool enough to hold the next layer without mixing).
Make the cookie dough layer: in a heavy-bottomed saucepan melt 1 1/2 sticks butter over medium heat. Continue cooking until the butter foams and then begins to brown lightly; whisk any browned bits off the bottom of the pan. Remove from heat and let the browned butter cool about 10 minutes.
Transfer the cooled browned butter to a mixing bowl. Add 2/3 cup brown sugar, 2 tablespoons heavy cream (or coconut milk), and 1 1/2 teaspoons vanilla extract. Beat (by hand or with a mixer) until the mixture is combined, fluffy, and lighter in color.
Add 1 cup flour and 1/4 teaspoon salt to the butter mixture and mix until combined. Stir in 1/2–3/4 cup mini chocolate chips.
Spread the cookie dough evenly over the caramel layer. Spread gently and avoid pressing hard so you do not mix the cookie dough into the caramel.
Make the top chocolate layer: melt 1 1/2 cups milk chocolate chips (or dark/semi‑sweet) with 1/4 cup creamy peanut butter in a small saucepan over low heat or in the microwave, stirring until smooth. Pour and spread this mixture evenly over the cookie dough layer.
Sprinkle 1 cup pretzels (twists or sticks) evenly over the top chocolate layer. Melt 1/2 cup chocolate chips separately (microwave or stovetop) and drizzle the melted chocolate over the pretzels and top layer.
Let the bars cool and harden completely at room temperature, or speed up by chilling in the refrigerator. Refrigerate at least 1 hour before cutting. Keep stored in the refrigerator (they can be left at room temperature briefly before serving if desired).