In a large saucepan over medium heat, combine corn syrup and sugar. Cook, stirring frequently, until sugar dissolves and mixture comes to a boil. Remove from heat.
Stir in peanut butter, peanuts and cocoa powder; mix until well combined. Add in cereal; stir until well coated.
Transfer mixture into a greased 13x9-inch baking dish; press evenly into pan.
In small saucepan over low heat, combine chocolate chips and shortening. Cook, stirring constantly, until melted. Spread over cereal mixture. Let stand until firm. Cut into bars.
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