Lima is 5 hours behind Reykjavik
Best overlap: 1:00 PM to 6:00 PM in Reykjavik is 8:00 AM to 1:00 PM in Lima.
For a call that suits both sides, look at 1:00 PM to 6:00 PM in Reykjavik / 8:00 AM to 1:00 PM in Lima. Lima is 5 hours behind Reykjavik, which gives you a solid 5-hour window. Book earlier in it and neither side is rushing.