Preheat your oven to 350°F (175°C). Spread the shredded coconut on a baking sheet and toast for about 5-7 minutes, stirring occasionally, until golden brown. Remove from the oven and set aside to cool.
In a mixing bowl, combine 1/4 cup creamy peanut butter, 1/4 cup coconut oil, and 1/2 cup granulated sugar. Mix until well combined. Add in 1/4 cup canned coconut milk and 1 teaspoon vanilla extract, stirring until smooth.
Fold in 1 1/2 cups marshmallow fluff and 1/4 cup peanut butter into the mixture until fully incorporated to create a fluffy, nougat-like layer.
Spread the marshmallow fluff mixture evenly into the bottom of a greased 9x9 inch baking pan. Sprinkle 1 cup of roughly chopped salted peanuts over the top, pressing them gently into the fluff.
In a double boiler or microwave-safe bowl, melt the entire 14-ounce bag of caramels with 1/4 cup coconut milk. Stir until smooth. Pour the caramel mixture over the peanut layer, spreading it evenly.
Sprinkle 1/2 cup toasted coconut and 1/4 cup shredded coconut over the caramel layer.
Melt 1 1/4 cups milk chocolate chips with 1/4 cup coconut oil using the same method. Stir until smooth and glossy.
Pour the melted chocolate over the coconut layer, spreading it evenly to cover all the toppings.
Cover the pan with plastic wrap and refrigerate for at least 2 hours, or until the bars are firm. Let sit at room temperature for about 10 minutes before slicing.
Using a sharp knife, cut the bars into squares or rectangles. Serve immediately or store for later enjoyment.