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Preheat oven to 375 degrees, with racks in top and middle. In the bowl of a mixer fitted with the paddle attachment, beat together flour, both sugars, baking powder, baking soda, and salt. Add butter; beat on medium speed until combined but some pea-size butter chunks remain. Add chocolate chips and beat until combined, then beat in eggs, one at a time, and vanilla.
Line 2 baking sheets with parchment. Scoop dough into 4-ounce balls (each about ⅓ cup); make a deep, wide hollow in each center. Enclose 3 pieces of caramel in each; roll back into a ball. Place 6 balls on each sheet. Freeze 15 minutes.
Bake, with one sheet on each rack, 10 minutes. Reduce heat to 350 degrees, swap sheet positions, and bake until centers are almost but not completely set (press gently on tops with your fingers to check), 7 to 10 minutes more. Remove from oven. Bang sheets on a counter a few times to create cracks in tops of cookies. Place sheets on a wire rack; let cool completely. Cookies can be stored in an airtight container at room temperature up to 3 days.