How to Make It
Line 2 large baking sheets with parchment paper.
Beat together peanut butter, butter, and sugars in the the bowl of a stand mixer, fitted with a paddle attachment, at medium speed until fluffy, 4 minutes. Scrape down the sides of the bowl with a rubber spatula. Add eggs and vanilla to the bowl; beat 4-5 minutes.
Whisk together oats, flour, pretzels, baking soda, baking powder, and salt in a large bowl. Gradually mix oat mixture into peanut butter mixture until just combined. Mix in M&Ms and chocolate chips. Refrigerate 1 hour.
Preheat oven to 350 °. Scoop dough by 2-tablespoon portions and roll into balls; arrange 2 inches apart on prepared baking sheets. Bake at 350 ° for 10-13 minutes or until lightly browned. Cool on sheets 5 minutes before transferring to a wire wrack to cool completely. Repeat process with remaining dough.