I hate that PeaZip does not support passwords with a quotation mark (") in the UI. I haven't reviewed the code, but I am assuming that they are neither passing the password via a variable (linked library) nor via an execve call (less secure), but via some sub-shell which is a common attack vector and bad security practice. But as I said, I haven't reviewed the code.
I haven't ran nor looked at the code for PeaZip, but the website describes the program as a GUI wrapper around command line utilities. I highly suspect it's the sub-shell thing.