Preheat oven to 325F. Spray a loaf pan with cooking spray or grease with butter.
In a large mixing bowl combine 2 cups all-purpose flour, 1/4 cup sugar, 4 teaspoons baking powder, 1/2 teaspoon salt, 1 1/3 cups milk, 1/2 cup chocolate chips, and 1/2 cup peanut butter. Whisk together and pour into the greased loaf pan and bake until a toothpick inserted comes out clean, about 1 hour.
Remove the pan from the oven and let cool slightly before enjoying.