In a large bowl, combine the prepped figs with the lemon juice and allow the figs sit at room temperature for about 45 minutes.
Transfer the figs, along with the juice, to a large pot set over medium heat. Add the honey and vanilla extract and stir to combine.
Cook, stirring occasionally, until the figs break down into a thick and slightly granular jam, around 50-55 minutes. Remove from heat and cool slightly.
Serve immediately or transfer to an airtight container and store in the refrigerator for up to 5 days. Enjoy!