Simmer jam, sugar and water in chafing dish or attractive skillet over low heat until mixture is syrupy, about 5 minutes.
Peel and slice peaches; add to syrup and cook over low heat until almost tender, about 3 minutes.
Stir in lemon juice.
Heat brandy just until warm in small long-handled pan; ignite and pour flaming over peaches.
Stir; spoon over each serving of ice cream.