- In a saucepan, bring the water, sugar, and lemon juice to a boil. Add the peaches. Bring to a boil and simmer over low heat for about 5 minutes. Let cool.
- Pour into a large 2 litres (8 cups) glass jar and add the vodka. Close and refrigerate for about one week. Strain through a fine sieve and discard the peaches.
- Serve chilled in schnapps or cocktail glasses.