1. Add the peaches, granulated sugar, brown sugar, cinnamon, cornstarch, lemon juice, and vanilla extract to a saucepan over medium heat. Cook, stirring often, until the peaches soften and the mixture thickens.

2. Remove the filling from the heat and let it cool completely.

3. Unroll the pie crusts on a lightly floured surface and cut them into circles.

4. In a small bowl, whisk together the egg and water.

5. Spoon a small amount of cooled peach filling into the center of each dough circle.

6. Brush the edges with the egg mixture, fold the dough over, and press to seal. Crimp the edges with a fork.

7. Heat the vegetable oil in a deep skillet or heavy pot over medium heat until hot.

8. Fry the pies in batches for 2 to 3 minutes per side, or until golden brown and crisp.

9. Transfer the fried pies to a paper towel lined plate.

10. Let them cool slightly, then dust with powdered sugar if desired and serve warm.