Prepare the Baking Dish

• Line an 8×8-inch baking dish with parchment paper, leaving some overhang for easy removal. Set aside.

2. Make the Fudge Base

• In a small saucepan, combine butter, cocoa powder, brown sugar, and milk. Heat over medium-low, stirring constantly, until the mixture starts to gently boil.
• Remove from heat and stir in powdered sugar and vanilla extract until smooth.
• Pour the fudge mixture into the prepared baking dish, spreading it evenly with a spatula.

3. Prepare the Caramel Layer

• In a microwave-safe bowl, combine unwrapped caramels and water. Microwave in 15-second intervals, stirring after each, until fully melted (about 90 seconds total).
• Stir the salted peanuts into the melted caramel.
• Pour the caramel mixture over the fudge base, spreading it evenly.

4. Add the Chocolate Layer

• In another microwave-safe bowl, melt the chocolate chips in 15-second intervals, stirring between each, until smooth.
• Pour the melted chocolate over the caramel layer and spread evenly with a spatula.

5. Chill and Slice

• Refrigerate the dish for at least 1 hour or until fully set.
• Use the parchment paper overhang to lift the fudge out of the dish. Cut into 1-inch squares and serve.