In a large bowl, whisk together the flour, baking powder, sugars and salt. In a separate bowl, whisk together the milk, peanut butter, egg and vanilla. Pour the wet ingredients into the dry ingredients and stir gently until all is combined.
Preheat a skillet or griddle to medium and spray with nonstick spray. Scoop ½ cup of batter onto the skillet and sprinkle the pancake with several chocolate chips. Reduce the heat to medium-low and watch the pancake. When bubbles begin popping and forming in the center of the pancake, wiggle a spatula underneath and gently flip it over. Cook the other side for a minute or so until both sides are a nice, golden brown. Repeat with the rest of the batter and chocolate chips. Serve with warm maple syrup or warmed peanut butter.