Prep pan: Grease an 8x8-inch pan, line with parchment paper leaving an overhang on all sides.
Chocolate layer: Combine chocolate chips, 2 tbsp butter, and 1 cup condensed milk in a microwave-safe bowl. Microwave in 30-second bursts, stirring between each, until smooth (about 90 seconds).
Peanut butter layer: Combine peanut butter chips, remaining 2 tbsp butter, and remaining condensed milk in a second bowl. Microwave in 30-second bursts until smooth (about 60 seconds).
Swirl: Pour chocolate layer into pan. Spoon peanut butter mixture on top. Swirl with a butter knife.
Chill: Refrigerate at least 2 hours until completely firm.
Slice: Lift out using parchment. Cut into 32 squares.