Preheat your oven to 350°F (175°C) and lightly grease a 9x13 inch baking dish.
Prepare your peaches. If using canned peaches, drain one can completely and keep the syrup from the other. If using fresh peaches, slice them after peeling (see our detailed fresh peach prep section below).
Create the peach layer. Pour the peaches into the baking dish, distributing them evenly. If using fresh peaches, mix them with sugar, cinnamon, nutmeg, and lemon juice in a bowl first.
Add spices to your peaches. Sprinkle the cinnamon and nutmeg evenly over the peaches and gently stir to combine with the fruit.
Add the cake mix layer. Spread the dry cake mix evenly over the peaches (don't stir!). The even distribution ensures every bite has the perfect cake-to-fruit ratio.
Add the butter layer. Place the thin butter slices evenly across the top of the cake mix, trying to cover as much of the surface as possible. This helps the cake mix hydrate properly and creates a golden, crispy top.
Add optional toppings. If using nuts or brown sugar, sprinkle them over the top now.
Bake until golden. Place in the preheated oven and bake for 45-50 minutes, or until the top is golden brown and the edges are bubbling. For perfect doneness, look for a deeply golden top with no dry cake mix visible.
Cool slightly. Allow the cake to cool for about 15 minutes before serving (the filling will be extremely hot right out of the oven).
Serve warm with a scoop of vanilla ice cream, whipped cream, or a drizzle of caramel sauce.