Cream the butter, peanut butter, brown sugar, and granulated sugar in a large mixing bowl. Add the eggs and vanilla extract, and mix to combine.
In a separate large bowl, combine the flour, baking soda, baking powder, and peanuts. Slowly add the dry ingredients to the wet ingredients and mix until just combined.
Transfer dough to the refrigerator and chill for one hour.
Once chilled, divide the dough into equal-sized balls and arrange on baking sheets, leaving 2 inches between each ball. Press the dough down with a fork in a crisscross fashion to flatten.
Preheat oven to 375 degrees. Place the baking sheets into the preheated oven and bake for 10-12 minutes, or until the cookies are golden brown on top and cooked through.
Remove from the oven and let the cookies sit for 2-3 minutes before transferring to a wire rack to cool before serving. Enjoy!