Preheat the oven to 375°F.
In a pan over medium heat, melt butter until browned, stirring constantly so it doesn’t burn.
Add peaches, brown sugar, granulated sugar, cinnamon, nutmeg, vanilla, and a squeeze of lemon juice. Stir well to combine.
Let the mixture simmer for about 6 minutes.
Stir in the cornstarch slurry and continue cooking until the peaches are thick, glossy, and syrupy.
For the biscuit topping: In a bowl, combine All purpose flour, baking powder, brown sugar, granulated sugar, cinnamon and mix to incorporate.
Then grate in cold salted butter. Using two forks, mix the butter into the dry ingredients until a pea-like texture.
Create a well in the center and pour in the cold buttermilk and vanilla. Mix the ingredients until just combined.
Spoon the biscuit mixture over top of the peaches and brush with buttermilk and a sprinkle of brown sugar.
Bake for 35 minutes or until golden brown and cooked through
Serve warm with a scoop of vanilla ice cream and enjoy.