Preheat oven to 425 and grease a 9x13 baking pan
Place peaches, lemon juice, 1/4 cup sugar, 1/4 cup brown sugar , cinnamon, nutmeg and vanilla in the pan, stir until well mixed.
Place pan in the oven for about 10 minutes.
While the peaches are in the oven mix together flour, 1/2 cup sugar, 1/2 cup brown sugar, baking powder and salt in a large bowl.
Cut in butter using a pastry blender or knife until a fine crumbly texture. Add in water and mix until a soft dough forms.
Remove peaches from oven and spoon dough across the top and gently spread out.
Place pan back in the oven for about 30 minutes or until golden brown and bubbling around the edge.
Allow to cool about 10 minutes and serve plain or topped with ice cream or a dollop of whipped cream.