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Gather all ingredients. Generously butter a 9x13-inch baking pan; set aside.
Mix peanut butter, corn syrup, and sugar together in a large pot; cook and stir over medium heat until peanut butter melts. Bring mixture to a boil. Remove pot from the heat.
Stir in rice cereal until well combined.
Transfer mixture into the prepared pan and pat it down with buttered hands.
Melt chocolate chips and butterscotch chips in a medium saucepan over medium-low heat; stir until smooth.
Spread over top of bars.
Cool completely, about 20 minutes, before cutting into 24 squares.