Prepare the Baking Pan:Grease a 9x13-inch baking pan or line it with parchment paper for easy removal.
Heat the Sugar and Corn Syrup:In a large saucepan over medium heat, combine the granulated sugar and light corn syrup. Stir continuously until the mixture starts to bubble gently around the edges. Avoid letting it boil fully, as this can make the bars too hard.
Add the Peanut Butter:Remove the saucepan from heat and immediately stir in the peanut butter until fully melted and smooth.
Mix in the Cereal:Gradually add the crispy rice cereal to the saucepan, folding it into the peanut butter mixture until evenly coated.
Press into the Pan:Transfer the cereal mixture to the prepared baking pan. Use a spatula or your hands (greased lightly to prevent sticking) to press it down into an even layer.
Melt the Toppings:In a microwave-safe bowl, combine the chocolate chips and butterscotch chips. Microwave in 30-second intervals, stirring after each, until the mixture is smooth and melted.
Spread the Topping:Pour the melted chocolate and butterscotch mixture over the cereal layer. Spread it evenly with a spatula.
Cool and Set:Allow the scotcheroos to cool at room temperature until the topping hardens, or refrigerate them for faster setting.
Slice and Serve:Once set, cut the scotcheroos into bars and enjoy!