Prepare the Pan: Lightly grease a 9x13-inch pan or line it with parchment paper.
Mix the Wet Ingredients: In a medium saucepan over low heat, warm the honey and peanut butter together. Stir until smooth and just combined—avoid overheating to maintain the mixture’s chewiness.
Add Vanilla Extract: Remove the saucepan from heat and stir in the vanilla extract.
Combine with Cereal: Place the puffed rice cereal in a large mixing bowl. Pour the warm peanut butter mixture over the cereal and mix until evenly coated.
Press into Pan: Transfer the mixture to the prepared pan and press it down firmly and evenly using a spatula or lightly buttered hands.
Make the Topping: Melt the chocolate chips and butterscotch chips together in a microwave-safe bowl, heating in 30-second intervals and stirring between each until smooth.
Spread the Topping: Pour the melted chocolate mixture over the cereal layer, spreading it evenly with a spatula.
Cool and Set: Let the Scotcheroos cool at room temperature or in the refrigerator until the topping hardens.
Slice and Serve: Once set, cut into bars and enjoy!