Peters was born in Sabon Gari, Kaduna, Northern Nigeria and is the second of eight children. His parents are Lawrence Adagba and Comfort Peters. He is of Afemai descent and hails from Ososo in the Akoko Edo local government area of Edo State.

Peters began his formal education at St. Gregory Primary School in Kaduna. He attended the University of Jos Nigeria, where he studied Geology and Mining. Peters began his career as an actor in Nigeria in the 1998 movie Mama Sunday, and went on to play the role of Paul in 2002 in the daytime series Everyday People created by Tajudeen Adepetu. In 2004 he relocated to the US, where he enrolled for a certificate degree in Visual Storytelling hosted by New York University. Peters was then associated with Film Career Connection in Atlanta, which offered him on-the-job training on various film sets across the US. He also enlisted with REDucation a real world training on Red camera and equipment, taught by working professionals, for current and future working professionals.

Peters began working as a cinematographer and film editor in 2006 and worked on a number of African-American Productions.

In 2014, it was reported that the comedy film, 30 Days in Atlanta, directed by Peters, was the highest-grossing film of all time at the Nigerian box office. The movie was also featured in the 2017 Guinness Book of Records as one of the films with the highest domestic gross in the territories of Bollywood, Nollywood and Hollywood, listed alongside PK (from Bollywood) and Star Wars: The Force Awakens (from Hollywood).

Peters is married to Deborah Peters and they have a son Zachary Lawrence Onafa-Orafa Peters. They own and run Whitestone Pictures LLC, a film production studio and equipment provider based in Lawrenceville, Georgia.