In a large mixing bowl, cream butter and sugars at medium speed of an electric mixer until light and fluffy.
Add eggs and vanilla. Continue to beat at medium speed until ingredients are well-combined.
In a separate bowl, sift together flour, baking powder, baking soda and salt.
With the mixer on low, add the dry ingredients, about 1/3 of the mixture at a time, to the creamed mixture. Mix until just combined. Repeat this step until all the dry ingredients have been added to the flour mixture.
Gently add in the pretzels, coconut, and M&M’s.
Refrigerate dough for 30 minutes before baking. In the meantime, preheat oven to 350°.
Form two tablespoonfuls of dough into balls. Place on a greased cookie sheet, about 3 inches apart. Bake for 12-14 minutes or until cookies reach desired level of doneness.
Remove from pans to cool on wire racks.