Preheat the oven to 350°F (175°C).

In a skillet, melt the butter over medium heat. Add brown sugar and stir until melted and bubbling.

Slice the peaches and arrange them in the skillet on top of the caramel mixture. Cook for about 2-3 minutes and remove from heat.

In a mixing bowl, combine flour, granulated sugar, baking powder, and salt.

In another bowl, whisk together milk, egg, and vanilla extract.

Gradually combine the wet ingredients with the dry ingredients; mix until just combined.

Spoon the batter over the peaches in the skillet.

Bake for 25 minutes or until a toothpick inserted in the center comes out clean.

Allow to cool for a few minutes before inverting onto a serving plate.