Preheat oven to 375°F (190°C). Whisk melted butter, sugar, vanilla, and milk. In another bowl, mix flour, baking powder, and salt.
Combine wet and dry ingredients. Pour into a greased 8×8-inch pan and bake 25–30 minutes until golden. Cool completely, then crumble.
Peel and dice peaches. In a saucepan, cook with sugar and vanilla over medium heat for 8–10 minutes until thickened. Let cool, then chill.
Whip heavy cream to stiff peaks (3–4 mins). In another bowl, mix sweetened condensed milk and vanilla. Gently fold into whipped cream.
Pour half the ice cream base into a loaf pan. Add half the peach compote and half the crumbs. Repeat. Swirl gently with a knife.
Cover and freeze for at least 6 hours. Let soften for 3–5 minutes before scooping. Serve and enjoy!