Wash your figs and cut into quarters. I like a chunky jam, so I cut about 30% of my figs in half. Juice lemons, minding the seeds, and set juice aside. Place a small plate in the freezer.
Place figs, sugar, honey, and lemon juice in a heavy-bottomed dutch oven over medium-high heat and bring ingredients to a boil, stirring until combined. (If using vanilla beans, add seeds and pods, taking care to remove the pods after the jam has cooked. If using vanilla bean paste, add now. If substituting vanilla extract, wait until the jam has thickened before adding.)
Lower heat to medium-low and simmer, stirring occasionally, until the mixture has thickened considerably (between 45 minutes and an hour). You will know your jam is ready to ladle into jars when a small drop of jam placed on the freezer plate wrinkles under your finger. (Dollop a small amount of jam onto the cold plate. Return to the freezer for a few minutes. Drag your finger through the jam--if it wrinkles, it's ready to can!)
If canning for long-term storage, ladle jam into sterilized jars, lightly screwing lids onto your jars. Place in a large pot and completely cover with water, boiling for 10 minutes. Using tongs, remove jars from hot water and allow them to cool on your countertop. You should hear the "ping" of your jam jars sealing! When jars have cooled, tighten the lids and label. If any of your jars did not fully seal, try re-boiling them or replacing with different sterilized lids and repeating the process.
If making quick-batch jam for short-term storage, simply ladle the hot jam into clean jars and place in the fridge. This fig jam keeps in the fridge up to 1 month once it's been opened.