Preheat oven to 375°F (190°C). Butter a 9x13 inch baking dish.

In a large bowl, gently toss the sliced peaches with sugar, flour, cinnamon, nutmeg, and lemon juice until evenly coated.

Pour the peach mixture into the prepared baking dish, spreading it evenly.

To make the biscuit topping, whisk together the flour, sugar, baking powder, and salt in a medium bowl.

Cut in the cold butter using a pastry blender or your fingertips until the mixture resembles coarse crumbs.

Stir in the milk until just combined. Do not overmix.

Drop spoonfuls of the biscuit dough over the peach filling, leaving some gaps for the steam to escape.

Bake for 35-45 minutes, or until the topping is golden brown and the peach filling is bubbly.

Let cool for at least 15 minutes before serving. Serve warm, perhaps with vanilla ice cream or whipped cream.