In a small bowl combine peaches, 1/4 cup sugar, almond extract, and lemon juice. Stir to combine and let sit for 2 hrs or more to macerate in the juices.
In a medium bowl, whisk together milk and the remaining sugar, until sugar is dissolved.
Stir in heavy cream, vanilla extract, and juice from peaches. Whisk until combined.
Pour mixture into ice cream freezer and freeze according to the manufacturers' instructions. Add the peaches in the last 5 minutes of mixing.