In a large skillet, add the condensed milk, the butter and the grated coconut.
Turn on the heat to medium-low and stir everything thoroughly until the mixture is smooth and begins to pull away from the bottom of the skillet.
Remove it from the heat, transfer it to a medium bowl, cover it with plastic wrap and let it cool until it reaches room temperature.
Once it has cooled, take one tablespoon of this mixture and roll it into a ball.
Repeat the process with the rest of the mixture.
In a large skillet over medium to low heat, add the sugar, the water and the juice of half a lemon.
Stir and let it heat up until it turns into caramel.
While the caramel is still hot, add the balls we prepared.
Gently toss them with a fork to coat, remove the excess and transfer them to a tray.
Repeat this process with all the balls.
Place them in the refrigerator and let them chill for 30 minutes.
Serve.