Place the Cara Cara orange juice, the chopped peach, lime juice, tequila, Triple Sec, and crushed ice in a blender. Blend until smooth.
Pour coarse salt or sugar onto a small plate. Rub an orange or lime wedge all along the rim of both glasses. Twist each rim into the sugar or salt. Evenly divide the frozen margarita in the blender pitcher between the two glasses. Garnish with an orange and/or lime wheel, if desired.