In a medium saucepot combine sugar, 3 tablespoons water, and lemon juice. Heat over medium-high heat. When sugar turns amber in color, carefully and slowly whisk in the coconut milk. Pour caramel into a bowl that is placed in an ice bath to cool or transfer sauce to a bowl and place in refrigerator.
In a large bowl whisk together 1 cup of coconut milk, milk and pudding mix. Pour in enough caramel sauce, about 1/4 cup, to coat the bottom of the pie crust. Pour the filling into the crust on top of the caramel.
In another large mixing bowl that has been chilled. Whip the heavy cream and confectioners' sugar until stiff peaks form, be careful not to over beat.
Spread the whipped cream on top of the pie and refrigerate for 1 hour or until completely set. Once the pie is set, sprinkle with toasted coconut and drizzle with the remaining caramel sauce.