Preheat the oven to 350 degrees and prepare two baking sheets with either parchment paper or silicone baking mats. 

In a medium sized mixing bowl, cream together the butter and the sugars until light and fluffy. Add the peanut butter, eggs, and vanilla, mixing well. Add the flour and baking powder mixing just until the dry ingredients are completely combined. Stir in the peanuts and M&M's by hand.

Use a small cookie scoop or roll the dough into 1 1/4 inch balls.

Gently press each cookie with the tines of a fork into a cross hatch design or use the bottom of a glass dipped in flour to flatten each cookie to about 1 cm tall.

Bake at 350 degrees for 12- 13 minutes. After removing the pans from the oven, let the cookies rest for 3 minutes on the pan before transferring to a wire rack to cool completely.