In a large bowl, combine prepared figs with lemon juice. Allow figs sit at room temperature for about 45 minutes.

Transfer figs, along with the juice, to a large pot set over medium heat.

Add honey and vanilla extract. Stir to combine.

Cook, stirring occasionally, until 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.