Preheat oven to 375 degrees F (190 degrees C). Grease cookie sheets.
In a medium bowl, stir together the flour, baking soda, baking powder and salt; set aside.
In a large bowl, cream together the butter, white sugar and brown sugar until smooth. Beat in the eggs one at a time, then stir in the vanilla and peanut butter. Gradually blend in the dry ingredients.
Finally, stir in the chocolate chips. Drop by rounded spoonfuls onto the prepared cookie sheets.
Bake for 8 to 10 minutes in preheated oven. Allow cookies to cool on baking sheet for 5 minutes before transferring to a wire rack to cool completely.