1. Coat an 11x17-inch jelly roll pan wtih nonstick cooking spray.
2. Combine cereal, pretzels, peanuts and caramels in large bowl.
3. Microwave 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.
4. Pour over cereal mixture; stir to coat evenly.
5. Spread mixture onto prepared pan; cool for 30-45 minutes or until firm.
6. Break into bite-size pieces and place in serving bowl to serve.