Remove the biscuits from the can and carefully split each one into two layers. Press each layer of biscuit into a 4-inch circle. (You will have 16 circles.)
Spoon about 1 tablespoon of the peaches into the center of each circle.
Fold the edges of the dough up and around the filling, pinching the seams together securely to seal. Gently shape each one into a ball, ensuring the dough is even in thickness all around.
Brush the tops and bottoms of the bombs with melted butter.
Spray the basket of your air fryer with nonstick cooking spray.
Place the pie bombs seam-side down into the air fryer basket, spacing them about 2 inches apart to allow for even cooking. (Depending on the size of your air fryer, you may need to work in batches.)
Air fry* at 330°F for 7-8 minutes, or until golden brown. Remove the pie bombs from the air fryer to let them cool slightly. While they cool, prepare the glaze.
To make the glaze, combine the confectioners' sugar and milk in a medium mixing bowl. Whisk until smooth. Add more milk as needed to reach your desired consistency.
Using a fork, dip (or roll) each peach pie bomb in the glaze. Place them on a wire rack over a baking sheet.
Let the glaze firm up. Serve warm or at room temperature.