Preheat oven to 350 degrees Fahrenheit (175 degrees Celsius) and line baking sheets with parchment paper.
In a large bowl, cream together the butter, peanut butter, granulated sugar, and brown sugar until smooth.
Beat in the egg and vanilla extract until well combined.
In a separate bowl, whisk together the flour, baking soda, baking powder, and salt.
Gradually stir the dry ingredients into the peanut butter mixture until just incorporated.
Fold in the semi-sweet chocolate chips.
Drop rounded tablespoons of dough onto the prepared baking sheets, spaced 2 inches apart.
Bake for 10 to 12 minutes or until the edges are lightly browned.
Allow cookies to cool on the baking sheet for 5 minutes before transferring to a wire rack to cool completely.