In a bowl, with an electric mixer, beat peanut butter and butter. Add brown sugar, sugar, baking powder, baking soda and mix until creamy and homogeneous. Add eggs and vanilla while beating. Add oats, peanuts and M & M chocolate. Mix with a wooden spoon.
Let drop dough, 1/4 cup at a time, on an ungreased baking sheet, leaving room of 4 inch between cookies.
Cook in a preheated oven of 350 F for 15 minutes or until the sides of cookies are lightly golden.
Put baking sheets on racks and let cool for 2 minutes. Removed the cookies and let cool completely on a rack.