Lightly grease a 9×13 inch baking dish.

Pour Rice Chex cereal into a large mixing bowl and set aside.

In a medium saucepan over medium-low heat, add the light corn syrup and sugar. Stir frequently until sugar dissolves and the mixture just starts to bubble around the edges. Do not bring to a boil.

Immediately remove the saucepan from the heat and stir in the peanut butter until smooth.

Pour the peanut butter mixture over the cereal. Gently fold until cereal is completely coated.

Transfer to the prepared baking dish and gently press down into an even layer using a spatula back or hands lightly greased with butter.

Add the chocolate chips and butterscotch chips to a microwave safe bowl. Microwave at 50% power in 30 second intervals, stirring after each, until smooth and melted.

Spread melted chocolate and butterscotch topping over the cereal layer.

Let cool completely at room temperature until topping sets.

Slice into squares and enjoy!