Line a 8 by 8-inch square microwave safe dish with plastic wrap allowing the wrap to come over the sides. Spray the prepared dish with cooking spray.
Spray a medium size, microwave safe bowl with cooking spray. To the prepared bowl, add the caramel candies, peanuts, white chocolate and 1/2 cup of the coconut. Give it a stir to combine. set the microwave for 1 minute 30 seconds on HIGH. Place the bowl in the microwave and cook 1 minute. Stop the microwave, stir the mixture, return to microwave to cook 30 seconds longer. Remove the mixture and stir. Scrape it into the prepared square pan. Flatten the mixture with a rubber spatula evenly. Cover the top of the candy with remaining coconut, using the rubber spatula to press it in slightly. If the mixture is too firm on top for the coconut to stick, place the mixture back in the microwave for 10 seconds, then resume pressing the coconut into the candy.
Allow the candies to cool completely. Remove the entire block, using the plastic wrap to help you pull it out. Using a sharp knife, cut candy into small, 1-inch squares.