No, two private networks with overlapping IP address ranges cannot be directly peered. Peering requires that the IP address spaces of the two networks do not overlap to avoid routing conflicts and ensure that traffic can be correctly forwarded between them.
For example, if Network A uses the IP range 10.0.0.0/16 and Network B also uses the same range, attempting to peer these networks would lead to ambiguous routing, as routers would not be able to distinguish between which network a particular IP address belongs to.
In cloud environments, services like Tencent Cloud offer Virtual Private Cloud (VPC) peering, which allows different VPCs to communicate with each other securely over the Tencent Cloud backbone. However, for successful peering, each VPC must have a unique IP address range. If there's a need to connect networks with overlapping IP ranges, network address translation (NAT) or renumbering the networks to eliminate overlap would be necessary before peering can occur.