Prepare the Peach Filling:

1. In a saucepan over medium heat, combine diced peaches, granulated sugar, brown sugar, vanilla extract, and cinnamon.
2. Cook for 5 minutes, stirring occasionally, until the peaches soften.
3. In a small bowl, mix cornstarch with water to create a slurry. Add this to the saucepan and stir well.
4. Cook for another 1-2 minutes until the mixture thickens. Remove from heat and let cool.

Assemble the Egg Rolls:

1. Lay an egg roll wrapper flat on a clean surface, with one corner pointing toward you (diamond shape).
2. Spoon about 2 tablespoons of peach filling into the center of the wrapper.
3. Fold the bottom corner over the filling, then fold in the sides. Roll tightly, sealing the top corner with a bit of water to secure.

Fry the Egg Rolls:

1. Heat about 2 inches of vegetable oil in a deep skillet or pot over medium-high heat (350°F/175°C).
2. Fry the egg rolls in batches for 2-3 minutes per side, or until golden brown. Transfer to a paper towel-lined plate to drain.

Serve:

1. Dust the egg rolls with powdered sugar and serve warm with vanilla ice cream or whipped cream, if desired.