Thoroughly grease a 9x13-inch baking pan and set aside.
Make the bottom chocolate layer: melt 1 1/4 cups milk chocolate chips and 1/4 cup creamy peanut butter together until smooth—either in a microwave-safe bowl in 20–30 second intervals, stirring between each, or in a saucepan over low heat, stirring. Pour and spread the melted chocolate evenly in the prepared pan. Chill in the fridge 30 minutes or in the freezer 15 minutes, until set.
Make the nougat layer: in a medium saucepan, melt 1/4 cup coconut oil over medium heat. Add 1/2 cup granulated sugar and 1/4 cup canned coconut milk, stirring until the sugar dissolves and the mixture comes to a boil. Let boil for 5 minutes, stirring occasionally. Remove from heat and add 1 1/2 cups marshmallow fluff, 1/4 cup peanut butter, and 1 teaspoon vanilla extract; stir until smooth. Fold in 1/2 cup toasted coconut, 1/4 cup sweetened shredded coconut, and 1 cup chopped salted peanuts. Pour and spread the nougat evenly over the chilled chocolate layer. Cool until firm, about 30 minutes at room temperature or 15 minutes in the fridge.
Make the coconut caramel: in a small saucepan over low heat combine a 14-ounce bag of caramels and 1/4 cup coconut milk. Stir frequently until the caramels are fully melted and the sauce is smooth, about 10 minutes. Pour the caramel over the nougat layer and spread evenly. Let cool until the caramel is set, about 10 minutes.
Make the top chocolate layer: melt the remaining 1 1/4 cups milk chocolate chips with the remaining 1/4 cup creamy peanut butter (use the same microwave or stovetop method as before). Pour and spread the melted chocolate over the caramel layer.
Immediately sprinkle 1/4 cup toasted coconut and 1/4 cup sweetened shredded coconut over the top chocolate layer. Allow the chocolate to harden completely at room temperature or in the fridge.
Refrigerate the assembled bars for at least 1 hour before cutting. Cut into bars and store refrigerated (they will be softer at room temperature).