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1. Grease a 13x9x2-inch pan; set aside. In a large microwave-safe bowl microwave marshmallows and butter on 100 percent power (high) for 1 1/2 to 2 minutes or until mixture is puffed and melted, stirring once. Stir in vanilla until smooth. Stir in cereal, cashews, and peanut brittle. Gently stir in chocolate-covered peanuts. Press mixture onto the bottom of the prepared pan.
2. In a small microwave-safe bowl microwave caramel bits and the water on high for 1 to 1 1/2 minutes or until melted, stirring once. Drizzle over cereal mixture.
3. In another small microwave-safe bowl microwave chocolate and shortening on high for 1 to 1 1/2 minutes or until melted and smooth, stirring every 30 seconds. Drizzle over cereal mixture. Let stand about 30 minutes or until set. Cut into bars.