In a large pot, mix ketchup, water, apple cider vinegar, brown sugar, honey, Worcestershire sauce, lemon juice, smoked paprika, garlic powder, onion powder, mustard, black pepper, cayenne pepper, liquid smoke, and salt. Stir until well combined.
Heat the mixture over medium heat until it simmers. Stir often to prevent burning. Reduce heat and simmer for 30-35 minutes, stirring occasionally, until the sauce thickens to a dipping consistency.
Sterilize jars and lids by boiling them for 10 minutes or running them through a sanitized dishwasher cycle.
Ladle the hot sauce into the sterilized jars, leaving about 1/2 inch of headspace at the top.
Wipe the jar rims with a clean, damp cloth, then place lids and screw on bands until fingertip-tight.
Process the jars in a water bath canner or large pot, fully submerged. Bring water to a boil and process for 20 minutes. Adjust for altitude if necessary.
Remove jars and let them cool for 12-24 hours. Check seals, then store in a cool, dark place.