Begin by making the brown butter. In a small saucepan, melt the butter over medium heat. Continue to cook, stirring frequently, until the butter turns golden brown and has a nutty aroma, about 5-7 minutes. Remove from heat and let cool slightly.

In a large mixing bowl, whisk together the flour, sugar, baking powder, and salt.

In another bowl, beat the eggs and then add the milk, cooled brown butter, and vanilla extract. Mix until well combined.

Pour the wet ingredients into the dry ingredients and stir until just combined. Do not overmix; a few lumps are okay.

Preheat your waffle iron according to the manufacturer's instructions. Lightly grease with cooking spray or brush with oil.

Pour the batter into the preheated waffle iron, using about 1 cup of batter for each waffle (adjust based on your waffle iron's size). Cook until golden brown and crispy, about 4-5 minutes.

While the waffles are cooking, prepare the macerated peaches. In a bowl, combine the sliced peaches, sugar, and lemon juice. Toss gently and let sit for about 10-15 minutes to allow the peaches to release their juices.

Serve the warm waffles topped with the macerated peaches and their juices.