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Line a baking sheet with parchment paper. Arrange the Ritz crackers in a single layer to cover the sheet.
Sprinkle the chopped peanuts evenly over the crackers.
In a medium saucepan, combine the brown sugar, butter, and evaporated milk. Bring to a boil over medium heat, stirring constantly.
Let the mixture boil for 3 minutes while continuing to stir. Remove from heat and immediately stir in the mini marshmallows and vanilla extract until melted and smooth.
Pour the caramel mixture evenly over the cracker and peanut layer, spreading gently to coat.
Allow the cookies to cool completely at room temperature until the caramel sets, about 1 to 2 hours.
Once set, cut into squares and serve.
Serving and storage tips:
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