Lightly grease an 8 x 8" baking pan and line it with parchment paper.

Combine cereal, pretzels, and peanuts in a bowl.

Melt the caramel candies, chocolate, peanut butter, and heavy cream in a saucepan over medium heat. Stir often until they are melted and smooth (about 15 minutes)

Pour over the cereal mixture. Stir until combined.

Press the mixture into the prepared pan. Chill for about 90 minutes.

Cut into bars. Drizzle bars with melted chocolate. Set aside until chocolate is set.

Serve.