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Preheat the oven to 350°F. Thoroughly coat an 8-inch round cake pan with nonstick cooking spray and set aside.
Macerate the peaches: Pit and slice the peaches (no need to peel) and add them to a medium bowl. Add the lemon juice and 1 tablespoon sugar. Stir together gently and set aside to macerate.
Make the batter: In a second medium bowl, whisk together the melted butter and the remaining ⅓ cup sugar. Add the flour, milk, cinnamon, baking powder, and baking soda and whisk until well combined.
Add the peaches: Pour the batter into the prepared pan and gently spoon the peaches and their juices over the batter. Do not push the fruit into the batter; it will settle as it bakes.
Bake: Bake until the edges of the cake are golden brown and the center doesn’t jiggle, 30 to 40 minutes. Let cool for about 5 minutes, then serve warm with vanilla ice cream. If you have leftovers, wrap the cake pan tightly with plastic wrap and refrigerate for up to 2 days. You can reheat each portion in the microwave for 20 to 30 seconds to have warm, gooey cake. Love the recipe? Leave us stars and a comment below!