Preheat oven to 350 degrees F.

Line a 12-cup muffin tin with cupcake liners.

In a medium bowl, whisk together the flour, baking powder, baking soda, and salt.

In a large bowl, cream together the butter and sugars until light and fluffy.

Add the eggs, one at a time, mixing until fully incorporated.

Stir in the vanilla extract, peanut butter, and chocolate chips.

Gradually add the dry ingredients to the wet ingredients and mix until just combined.

Divide the batter evenly among the cupcake liners.

Bake for 18-20 minutes or until a toothpick inserted in the center comes out clean.

Allow cupcakes to cool completely before frosting.