1Coat an 11x17-inch jelly roll pan wtih nonstick cooking spray.
Combine cereal, pretzels, peanuts and caramels in large bowl.
2Microwave semi-sweet chocolate chips in medium, uncovered microwave-safe bowl on HIGH-POWER (100%) for 1 minute. Stir. (For milk chocolate, butterscotch or white chocolate chips, microwave on MEDIUM-HIGH (70%) power for 1 minute.)
If necessary, microwave an additional 10 to 15 second intervals, stirring just until pieces are completely melted.
3Pour over cereal mixture; stir to coat evenly.
Spread mixture onto prepared pan; cool for 30-45 minutes or until firm.
Break into bite-size pieces and place in serving bowl to serve.