In a glass container, combine peaches, schnapps, sugar and orange juice. Cover and refrigerate for 24 hours.
Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 10 inch Bundt pan. Drain peaches and reserve the liquid. Chop the peaches.
In a large bowl, combine cake mix, pudding mix, eggs, oil and 1/2 cup of liquid from the peaches. Mix well. Stir in 1 cup chopped peaches and 1 cup of chopped pecans. Mix well and pour into a 10 inch Bundt pan.
Bake at 350 degrees F (175 degrees C) for 50 to 60 minutes, or until a toothpick inserted into cake comes out clean. Cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.
In a small bowl, combine 1/4 cup liquid from the peaches with 1 1/2 cups confectioners sugar. Mix well and drizzle over cake.