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Preheat oven to 350 degrees. Line the bottom of a 9 inch cake pan with parchment round. Lightly grease the sides of the pan.
Cut peaches into slices, remove pit.
Melt 1 tablespoon of butter in a nonstick pan. Fry peach slices until golden brown. Remove peaches from pan.
Arrange peach slices in the cake pan on top of parchment.
Melt another 1 tablespoon of butter in the same pan. Add brown sugar and heat until caramelized. Add vanilla extract.
Pour caramel over the peaches in the cake pan.
Mix softened butter, orange zest, and granulated sugar in a bowl until sugar is dissolved.
Whisk in eggs, one at a time. Mix in sour cream and vanilla extract.
Fold in dry ingredients (flour, baking powder, cinnamon, salt) until just combined.
Spread batter on top of peaches in the cake pan.
Bake for 45-60 minutes at 350 degrees until golden brown and a toothpick comes out clean.
Cool for 5 minutes, then flip the cake onto a plate. Let cool for an additional 20 minutes before serving.