In a medium saucepan, warm the honey and light brown sugar over medium heat, stirring frequently, for about 5 to 7 minutes until the sugar fully dissolves. Avoid bringing it to a boil. Once dissolved, remove the saucepan from the heat, then fold in the creamy peanut butter and vanilla extract until the mixture is smooth and fully combined.

In a large mixing bowl, place the crispy rice cereal. Pour the peanut butter mixture over the cereal, stirring until every piece is thoroughly coated.

Prepare a 13-by-9-inch baking pan by coating it generously with cooking spray. Transfer the cereal mixture into the pan, pressing it evenly to form a flat layer.

In a microwave-safe bowl or large measuring cup, add the chocolate chips, butterscotch chips, and coconut oil. Microwave at 50% power in 15-second increments, stirring after each interval, until the mixture is completely melted and smooth, roughly 2 minutes.

Pour the melted chocolate-butterscotch blend over the pressed cereal layer, using a spatula to spread it evenly across the surface. Lightly sprinkle flaky sea salt over the top for added texture and flavor. Place the pan in the refrigerator for at least 30 minutes to let the bars set firmly. Once ready, cut into squares and enjoy these irresistible treats!