Grease a 9x13-inch baking dish and set aside.
In a large saucepan, combine corn syrup and sugar over medium heat. Stir constantly until the sugar dissolves and the mixture begins to boil.
Remove from heat and stir in the peanut butter until smooth.
Add the rice cereal and mix until evenly coated.
Press the mixture evenly into the prepared baking dish.
In a microwave-safe bowl, melt butterscotch chips and chocolate chips together in 30-second intervals, stirring in between until smooth.
Stir in 1/2 cup of toffee bits into the melted chocolate mixture.
Spread the chocolate mixture evenly over the cereal base.
Sprinkle the remaining 1/2 cup of toffee bits on top.
Let cool at room temperature until set, then slice and serve.