Hi @Syed Mehdi ,
if both Virtual Networks have overlapping address spaces there is no chance to peer these two vNets.
Your best option is to create a new vNet with a different, not overlapping address range, including a subnet. Move the VM in the new vnet/subnet and create the peering.
Delete the vnet that is not needed anymore.
(If the reply was helpful please don't forget to upvote and/or accept as answer, thank you)
Regards
Andreas Baumgarten