Preheat your oven to 350 degrees and line two baking sheets with parchment or non-stick sheets.
In a medium bowl, whisk together the flour, baking soda, baking powder, cinnamon, and salt. Set aside.
In a large bowl, beat together the canola oil, butter, peanut butter, sugar, and brown sugar until smooth.
Beat in the eggs, water, and vanilla extract.
Slowly add in the flour mixture, and beat until fully combined. Stir in the chocolate chips.
Scoop the cookie dough in two tablespoonfuls onto your baking sheet, and press down slightly.
Bake for 8-10 minutes, or until the cookies have just started to become golden on the edges. Cool and enjoy!