In a medium saucepan, stir together the water and sugar over medium-high heat. Bring to a boil. Stir in pears, and reduce heat to medium. Cook, stirring frequently for 3 minutes, then stir in cranberries and honey. Continue to cook until cranberries pop and the mixture thickens slightly, about 5 minutes.
Remove from heat and stir in the lemon juice and lemon zest. Cool to room temperature, then store covered in the refrigerator for up to one week.