Line a cookie sheet with parchment paper and arrange crackers in a single layer.
In a small saucepan, combine sweetened condensed milk, butter, and brown sugar. Cook over medium heat for 5-6 minutes, stirring often.
Reduce heat to low and whisk in milk, vanilla, and peanuts until smooth. Cook for 1 additional minute then remove from heat.
Use a cookie scoop to top each cracker with the caramel mixture.
Allow cookies to fully cool, then store in an airtight container.
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