In a large saucepan or large Dutch oven, stir together the ketchup, brown sugar, onion, lemon juice, water, vinegar, chili powder, chile powders and salt. Heat over medium heat until combined.
Reduce heat to the lowest setting and reduce for 2 hours, stirring every 15 minutes to prevent scalding.
When mixture has reduced by half and deepened in color, remove from heat and use hot or allow to cool before storing.
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Notes
If using a 32-ounce bottle of ketchup, add the water directly to the bottle of ketchup and shake well to get the remaining ketchup off the sides.