Line a 9×13-inch baking dish with parchment paper and lightly spray with nonstick cooking spray.

Place the Rice Chex cereal in a large mixing bowl and set aside.

Combine the granulated sugar and light corn syrup in a medium saucepan over medium-low heat. Stir frequently for approximately four to six minutes, until the sugar dissolves and small bubbles begin forming around the edges. Do not allow the mixture to reach a rolling boil.

Remove the saucepan from the heat. Add the creamy peanut butter and stir until smooth. Mix in the vanilla extract.

Pour the warm peanut butter mixture over the Chex cereal. Gently fold until all the cereal pieces are evenly coated.

Transfer the coated cereal to the prepared baking dish. Use a lightly greased spatula to spread the mixture evenly, pressing gently without crushing the cereal.

Add the semi-sweet chocolate chips and butterscotch chips to a microwave-safe bowl. Microwave at 50% power in 20-second intervals, stirring after each interval, until melted and smooth.

Pour the melted chocolate mixture over the cereal layer and spread evenly with an offset spatula.

Allow the Scotcheroos to set at room temperature for approximately 45 to 60 minutes, or until the topping is firm enough to slice.

Lift the bars out of the pan using the parchment paper. Cut into 24 squares and serve.