Combine jam, sugar, and water in a saucepan for about 5 minutes until syrupy. Add peaches and cook 3 minutes for fresh peaches, or less for canned peaches until heated. Stir in lemon juice.
Heat brandy in small saucepan until it starts to bubble.
Remove both from heat. Pour hot brandy over peaches and light.
Stir, serve over vanilla ice cream.