In a large bowl, beat the butter, peanut butter, brown sugar, and granulated sugar until light and fluffy, about 2–3 minutes. The mixture should look pale and creamy.
Add the eggs one at a time, then mix in the vanilla until fully combined. Scrape down the sides of the bowl if needed.
In a separate bowl, whisk together the flour, baking soda, baking powder, and salt. Gradually mix the dry ingredients into the wet ingredients until no dry flour remains.
Fold in the chocolate chips using a rubber spatula. The dough should be thick and evenly filled with chocolate.
Cover the bowl and refrigerate the dough for at least 1 hour. Chilled dough helps the cookies stay thick and bake evenly.
Preheat the oven to 350°F (177°C) and line baking sheets with parchment paper. Scoop about 2 tablespoons of dough for each cookie and place them 2 inches apart.
Gently flatten each dough ball slightly with your hand or the back of a spoon. Add a few extra chocolate chips on top if desired.
Bake for 10–12 minutes, until the edges are lightly golden and the centers still look slightly soft. The cookies will continue setting as they cool.
Let the cookies rest on the baking sheet for 5 minutes before transferring them to a cooling rack to cool completely.