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Prepare the Batter: In a medium bowl, whisk together flour, sugar, baking powder, salt, cinnamon, and nutmeg. In another bowl, whisk together eggs, milk, and vanilla. Pour wet ingredients into dry ingredients and stir until combined.
Mix in Peaches: Gently fold in diced peaches until evenly distributed.
Heat the Oil: In a large skillet or deep fryer, heat vegetable oil over medium heat to 350°F (175°C).
Fry the Fritters: Drop about 2-3 tablespoons of batter into hot oil, flattening slightly. Cook for 2-3 minutes per side, or until golden brown and crispy. Transfer to a plate lined with paper towels to drain excess oil.
Dust with Powdered Sugar: Dust fritters with powdered sugar.
Serve: Serve warm with honey, ice cream, or as is.