In a medium saucepan, combine figs with sugar and 1 1/2 cups water; bring to a boil. Reduce heat; simmer, covered, until most of liquid has evaporated and figs are easily pierced with the tip of a sharp paring knife, about 20 minutes.

Transfer mixture to a food processor; add lemon juice. Puree until smooth (add up to 1/4 cup additional water, if needed, to thin to desired consistency). Store in refrigerator for up to 1 month.