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Peters began performing in Toronto in 1989. He has since gone on to perform in several countries.

In 1992, Peters met American comedian George Carlin, one of his biggest influencers, who advised him to get on stage whenever and wherever possible. Peters said he "took that advice to heart, and I think that's the reason I am where I am now." In 2007, 15 years later, he hosted one of Carlin's last shows before the comedian's death the following year.

On September 28, 2013, Peters was awarded the 2013 Trailblazer award by the Association of South Asians in Media, Marketing and Entertainment (ASAMME) for good contributions to comedy. He is among the first South Asians to achieve international success in the field.

In 2017, Peters made an appearance on Top Gear America in the third episode of season 1 as one of the guests

According to Forbes, Peters earned an estimated $15 million between June 2009 and June 2010, continuing his run as one of the highest-paid comedians, after earning an estimated $5 million the prior year. Forbes ranked him as the seventh-highest-paid comedian. In 2013, he earned $21 million, according to Forbes' estimate.

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