Peel the top rind off of the Camembert. With your knife, poke 8 to 10 holes in the top of the cheese and put it onto a glass serving plate.
Mix the sugar and water together in a small heavy saucepan and put it over medium heat. Bring to a boil and cook until the caramel is thick and amber in color. (Use caution when working with hot caramel and don't leave it untended.) As soon as it is done, pour it evenly over the camembert. Serve immediately with bread or crackers.