Combine the peaches, water, and sugar in a medium saucepan. Cook over medium heat until the peaches are soft and sugar is melted. Remove from heat and set aside to cool to room temperature. Once cooled, add the peaches, condensed milk, cream, vanilla, and lemon juice to a blender. Blend until just combined. (I left a few chunks of the peaches, but you can blend until smooth if desired.) Transfer the mixture to a bowl and thoroughly chill in the refrigerator. Once chilled, transfer to your ice cream maker and freeze according to the manufacturer’s instructions.
Garnish with chopped cinnamon-sugared pecans.