Preheat your oven to 350 degrees.
In a large bowl, mix together 2 cups flour, 1/2 tsp baking soda, 1/2 tsp baking powder, and 1/4 tsp salt.
In a large stand mixer, cream together 1 cup butter and 1 cup brown sugar and 1/2 cup granulated sugar until light and fluffy, about three minutes. Then beat in the 1 cup peanut butter until combined, scrapping down the sides as needed. Beat in the 2 eggs one at a time, and then beat in the 2 tsps vanilla.
With the mixer on low, slowly add the flour until just combined.
Scrape down the sides of the mixer and then using a spatula gently fold in the 1 cup chocolate chips.
Spray a 9 inch spring form pan with cooking spray. Add the batter to the pan.
Bake on the middle rack for 19 to 24 minutes or until the edges of the cake begin to turn golden brown. (The center will still have a slight wiggle to it.)
Allow the cake to cool in the pan for twenty minutes. Gently run a knife between the cake and the edge of the pan, then remove the side of the pan. Cool completely. Carefully, using a serrated knife, level the cake so the top is flat.