Bring water to a boil in a kettle or pot, then pour it over the tea bags in a heatproof container. Cover and steep for 5 minutes, filling your kitchen with a fragrant aroma. Remove the tea bags and let the tea cool to room temperature.
While the tea cools, slice the peaches into thin wedges, watching their bright orange flesh and golden skin. Squeeze fresh lime juice into a small bowl, extracting about 2 tablespoons of tangy liquid. Mix the peaches and lime juice for a fresh, fruity aroma.
Add the cooled tea to a blender, followed by the sliced peaches. Pour in honey and blend on high until the peaches are fully pureed and the mixture is smooth.
Fill the blender with several handfuls of ice cubes, then blend again until the mixture is thick, icy, and slushy in texture. Adjust the amount of ice for your desired consistency.
Taste the slushie and add more honey or lime juice if you'd like a sweeter or tangier flavor. Give it a final quick blend to incorporate any adjustments.
Pour the peach lime iced tea slushie into glasses, garnishing with a slice of peach or lime wedge if desired. Serve immediately for a refreshingly cold treat.
