In a large saucepan over medium heat, combine the granulated sugar and light corn syrup. Stir until the mixture comes to a boil, then remove from heat.

Add the peanut butter to the hot mixture and stir until smooth.

In a large bowl, pour the peanut butter mixture over the crispy rice cereal. Stir until the cereal is well coated.

Press the mixture evenly into a greased 9x13-inch baking pan.

In another saucepan, combine the semisweet chocolate chips and butterscotch chips over low heat, stirring constantly until melted and smooth.

Pour the melted chocolate-butterscotch mixture over the pressed cereal base and spread evenly.

Allow the Scotcheroos to cool at room temperature for about 30 minutes before cutting into squares.