Peete, originally named Lofie Louise Preslar, was born in Bienville, Louisiana. Her father was a notable and affluent newspaper publisher. Peete often emphasized that she came from a well-educated and cultured family, asserting that her parents were upstanding citizens who raised their children properly. She attended a private school in New Orleans but was expelled at 15 for theft and promiscuous behavior.

In 1903, she married Henry Bosley, a traveling salesman. Four years later, Bosley committed suicide after discovering Peete in bed with another man. Following Bosley's death, Peete moved to Shreveport and worked as a high-class prostitute, stealing money from her clients.

In 1911, Peete traveled to Boston, Massachusetts, and adopted the name Louise M. Gould. She pretended to be a 19-year-old Dallas heiress named R. H. Rosley, claiming she had escaped from a convent. Using her charm and beauty, Peete ingratiated herself with several wealthy Boston families, eventually convincing one family to take her in. She then exploited their generosity by charging items to the family's account at expensive stores and stealing money from their friends and employees. When her true identity was uncovered, the police allowed her to leave town to prevent further embarrassment to the family.

Peete later relocated to Waco, Texas, where she became romantically involved with a wealthy oil baron named Joe Appel. A week after their meeting, Appel was found dead from a gunshot wound, and his diamond jewelry was missing. Peete was arrested for his murder but convinced a grand jury that she had acted in self-defense after Appel attempted to assault her.

In 1913, Peete moved to Dallas, Texas, and married Harry Faurote, a night clerk at the St. George Hotel. Shortly after their marriage, Peete stole $20,000 worth of jewels from the hotel's safe. Although police suspected her, they lacked evidence to prove her involvement. Embarrassed by the accusation and his wife's infidelities, Faurote reportedly took his own life, though it is speculated that he may have been another of Peete's victims.

By 1915, Peete had moved to Denver, Colorado, and married salesman Richard Peete. They had a daughter, Frances Ann (Betty), in 1916. The couple's relationship was tumultuous, leading to their separation in the summer of 1920. Peete then moved to Los Angeles, California, leaving her husband and daughter behind. There, she met Jacob C. Denton, a wealthy retired mining engineer.

Peete approached Denton about renting his 14-room Tudor Revival mansion at 675 South Catalina Street for $75 a month, despite Denton's intention to rent it for $350 while he was away on business. Peete moved in on May 26, just before Denton was supposed to leave. A little over a week later, on June 2, Denton disappeared. Peete hired a gardener to bring dirt into the basement, claiming she wanted to grow mushrooms. On June 5, she forged Denton's signature to withdraw $300 from his bank account and gain access to his safe deposit box.

When questioned by bank officials about the unusual signature, Peete claimed that Denton had lost his right arm in a shooting incident and had to sign with his left hand. She gave various versions of this story, including one where Denton's arm and leg were cut off by a mysterious woman. Peete explained Denton's absence with stories of extended business trips and claimed to be his wife, spending his money, driving his car, pawning his possessions, and renting out rooms in his mansion.

As suspicions grew, Denton's daughter hired an attorney to investigate. On September 23, a detective found Denton's body buried in the basement. An autopsy revealed he had been shot and strangled. Police tracked down Peete in Denver, where she offered multiple explanations for Denton's death, including blaming the mysterious woman. She was brought back to Los Angeles and indicted for first-degree murder.

Peete's trial in January 1921 attracted national attention. She was convicted and sentenced to life imprisonment. During her incarceration, her husband Richard remained loyal until 1923 when Peete suggested he divorce her. Richard complied but later took his own life in 1924.

Peete served time at San Quentin State Prison before transferring to the California Institution for Women. She was a model prisoner and was paroled for good behavior in 1939. Upon her release, she worked as a housekeeper for Jessie Marcy and later for her probation officer, Emily Latham. Both women died of natural causes without suspicion.

Peete then moved in with Arthur C. Logan and his wife Margaret. She married banker Lee Borden Judson in 1944 without revealing her past. Peete began making claims about Arthur's violent behavior and, in June 1944, Margaret disappeared. Arthur was committed to a hospital, and Peete assumed control of the Logan household and finances. When Margaret's body was discovered buried in the backyard, Peete was arrested and charged with her murder.

During questioning, Peete blamed Arthur for Margaret's death, claiming she buried the body out of fear of being blamed. Judson was also arrested but released due to insufficient evidence. He later took his own life. Peete was convicted of first-degree murder in May 1945 and sentenced to death. She was executed in the gas chamber at San Quentin State Prison on April 11, 1947, becoming the second woman in California history to be executed by the state. She is interred at Angelus-Rosedale Cemetery in Los Angeles.