Peiting is a small market town, and its eating options reflect that: a handful of traditional Bavarian Gasthöfe serving solid regional food, a bakery or two, and not much else. For a broader choice, the nearby town of Schongau (about 4km north) has a more varied restaurant scene.
The local cooking is emphatically Bavarian — pork roasts, dumplings, Maultaschen, and in season the white asparagus that the Lechtal grows in some quantity. Most kitchens close early by urban standards; if you're arriving late in the evening, check opening hours in advance.