In a medium saucepan, combine the ketchup, apple cider vinegar, brown sugar, honey, Worcestershire sauce, lemon juice, smoked paprika, garlic powder, onion powder, ground mustard, and cayenne pepper. Give everything a good stir to make sure everything is well combined.

Place the saucepan over medium heat. Bring the mixture to a simmer, stirring occasionally to prevent any ingredients from sticking to the bottom of the pan.

Allow the sauce to simmer for about 20-25 minutes, or until it thickens to your desired consistency.

After the sauce has thickened, taste and adjust the seasoning with salt and black pepper. If you prefer a spicier sauce, feel free to add more cayenne pepper at this stage.

After taking the sauce off the stove, let it cool to room temperature. Once cooled, the sauce is ready to be served with your favorite BBQ dishes or stored for later use.

The sauce keeps well in the refrigerator for up to two weeks when kept in an airtight container.