In this case, peiorīs has a long ī and is accusative plural. Once your realize that, the sentence becomes much easier to parse:
Nunc tempus est
nos malas
peioris fieri
=
Now is the time
for us, [who are already] bad,
to become worse.
"-is" and "-es" can both be used for the accusative plural of 3rd declension nouns and adjectives: see, for instance, Allen & Greenough §71 (nouns) and
Allen & Greenough §117 (adjectives). For I-stem nouns and adjectives, "-is" is actually listed as the primary ending; for comparative adjectives, "-is" is listed as the secondary ending.
You can see a similar usage in Vergil:
Extemplo Aeneae solvuntur frigore membra:
ingemit, et duplicis tendens ad sidera palmas
talia voce refert: (Aeneid I.92-94)
or, in the famous speech by Turnus:
audentis Fortuna iuvat (X.284)
Anecdotally, I've noticed this form of the accusative plural a lot more often in Plautus and poets.