Combine chopped figs and sugar in a nonreactive saucepan. Stir well, then let the mixture sit. The sugar will help to release the natural juices in the figs.
Add water and fresh lemon juice, then bring the mixture to a boil over medium-high heat, stirring occasionally until the sugar is dissolved.
Lower the heat to medium, then allow it to simmer until thickened. Remove from the heat and allow to cool.
Fig jam can be enjoyed immediately, but we like to serve it slightly chilled. Transfer to glass jars or containers, then refrigerate until needed. Before serving, allow the fig jam to sit out.