Preheat the oven to 350°.
Line a 13 X 9 pan with two pieces of aluminum foil, crisscrossed in the center, and with a little overhang on the sides.
Spray the foil with cooking spray (or grease with butter) and set aside.
With a mixer (stand or hand) beat the butter until smooth.
Add peanut butter and beat until fluffy.
Next, add the sugars and beat the mixture until it's well incorporated and slightly lighter in color.
Scrape down the sides of the bowl with a rubber spatula.
Add the whole egg, egg yolk, and vanilla and mix until just blended.
With the mixer on low, add the flour, baking soda, baking powder, and salt.
Mix until the flour is almost fully incorporated in the dough--there should still be visible streaks of flour showing.
Add the M&M's and chocolate chips and gently fold by hand until fully incorporated. Do not overmix.
Press cookie dough into the prepared 13 x 9 baking dish.
Bake at 350° for 22 min, until the edges are lightly browned and puffed and the center is just set.
Let the bars cool completely at room temperature.
Once cooled, gently lift bars from the pan using the foil overhangs and set onto a cutting board.
Carefully remove the foil from the bars, and trim the edges if desired.
Cut into 24 neat squares and enjoy!