Mix according to directions on box or your favorite chocolate cake recipe. Bake 1/2 of the mixture in a 9 x 13 pan for 15 minutes at 350 degrees.
While cake is baking melt together 1 (14 oz.) package of caramels and 1 stick of butter (easiest to melt in microwave). Remove from microwave and blend in 1 can Eagle Brand condensed milk until well blended.
Remove cake from the oven and pour the caramel mixture evenly over top. Spread 1 1/2 cups pecans over this. Then spread the remaining cake batter on top of the pecans. Return to the oven and bake for 20 minutes more. Cool and top with your favorite chocolate icing.