It depends upon the analyte that you are using in the solution.
There are a couple reasons why a cyclic voltammetry (CV) study might exhibit two anodic or cathodic peaks:
Irreversible follow-up reaction: This is the most common reason for observing two peaks of the same type (anodic or cathodic) in a CV. In this scenario, the initial electron transfer process (oxidation or reduction) is followed by a slower chemical reaction. For example, a molecule might be oxidized at the electrode, but then the resulting product undergoes a further chemical reaction that also results in a current flow. This subsequent reaction can appear as a separate peak because it occurs at a different potential than the initial electron transfer.
Two separate redox couples: If your solution contains two different molecules that can undergo oxidation or reduction at similar potentials, you might see two distinct peaks in your CV. Each peak would correspond to the electron transfer process of a single redox couple.
Splitting of peak means peak regeneration occurs or the species involved in the redox reaction is able to reduce or oxidise at the particular potentials.