Peel and slice (or dice) peaches. Toss peaches with lemon juice, if using.
In a medium saucepan, combine water, cornstarch, cinnamon, sugar, salt, and 1/2 cup of sugar. Cook over medium heat, whisking constantly, until the mixture has boiled for two minutes.
Add peaches and simmer 3-4 minutes. Remove from the heat and set aside to cool completely.
While the peaches cool, line a standard pie plate with pie crust, crimp the edges, prick the sides and bottom with a fork, and bake at 375 degrees for 15-16 minutes or until the edges begin to brown. Set aside to cool completely.
While the peach mixture and pie crust cool, cream together the cream cheese, sour cream, vanilla, and 1/2 cup of sugar.
Pour cream cheese mixture into cooled pie crust.
Top with cooled peach mixture.
Chill in the refrigerator for at least two hours before serving.
Enjoy!