Using a mixer, beat together butter and both sugars (a paddle attachment is best for this). Beat until creamy (2-3 minutes). Add in 1 egg at a time, and continue to beat at a lower speed. Once eggs are incorporated, add in vanilla and peanut butter. Pause to scrape down the sides of the bowl with a rubber spatula when needed. Beat until well combined and creamy, set aside.
In a smaller bowl, mix together flour, baking soda, and baking powder. Fold dry ingredients into wet until a thick dough forms. Be sure to scrape down the bottom and the sides of the bowl to ensure dry ingredients are completely mixed in the dough. Fold in peanut butter chips and peanuts. Cover dough and refrigerate for at least 3 hours (or overnight).
Preheat your oven to 350 degrees when ready to bake.
Using a 1.5 – 2inch ice cream scoop, or large spoon, spoon cookie dough onto a baking sheet about 2 inches apart. Using a fork, gently press down on the cookies in two directions to create a criss-cross fork pattern across the cookies. Cookies should flatten slightly, but maintain a thick shape.
Bake for 16-18 minutes (depends on oven and thickness of cookies). Cookies will still look slightly raw in the middle when pulled out of the oven, and will be soft to the touch and also slightly firm. Cool on the pan for at least 5 minutes, then remove to a cooling rack or cool surface. Cookies can be stored in an air tight container for a few days, or stored in the freezer and defrosted when ready to consume. Dough can stay in the fridge for up to 3 days, but should be moved to the freezer after 3 days.