In a large bowl, combine the sliced peaches, 0.75 cup granulated sugar, 0.25 cup flour, cinnamon, nutmeg, and lemon juice. Toss to coat evenly. Pour the peach mixture into a 9x13 inch baking dish.
In a separate bowl, whisk together the 1.5 cups flour, 0.33 cup sugar, baking powder, and salt for the topping.
Cut in the cold butter using a pastry blender or your fingers until the mixture resembles coarse crumbs.
Pour in the milk and stir until just combined. Do not overmix.
Drop spoonfuls of the topping over the peach mixture in the baking dish.
Bake for 35-45 minutes, or until the topping is golden brown and the peach filling is bubbly.
Let cool slightly before serving. Serve warm, perhaps with a scoop of vanilla ice cream.
Notes
This peach cobbler is best enjoyed fresh, but leftovers can be stored in the refrigerator for up to 3 days.