Preheat oven to 425°F. Place a large baking sheet covered in foil on the lowest rack in the oven to catch any overflow.

In a large bowl, combine sliced peaches and lemon juice. Add white sugar, brown sugar, nutmeg, and cornstarch. Stir well to coat peaches evenly.

Pour the peach mixture into a greased 9x13 inch baking dish and bake for 10 minutes.

While peaches are baking, prepare the biscuit topping. In a bowl, combine 2 cups all-purpose flour, 0.5 cup sugar, 2 teaspoons baking powder, 0.5 teaspoon salt, and 0.5 cup grated chilled butter. Mix until crumbly. Stir in 0.75 cup buttermilk to form a dough.

Remove peaches from oven and drop spoonfuls of biscuit dough evenly over the hot peaches. Bake until the crust is golden brown, about 28 minutes.

Serve warm, optionally with a scoop of vanilla ice cream. Enjoy!