Combine bacon, onion, olive oil, lemon juice, garlic, parsley, marjoram, thyme, caraway seeds, salt, and pepper in a small mixing bowl; mix well. Set aside for 30 minutes.
Place roast in a well-greased shallow roasting pan. Pour marinade over roast; cover and refrigerate 24 hours, turning occasionally.
Insert meat thermometer, if desired. Stir water into marinade mixture. Bake, uncovered, at 300° for 3 1/2 hours or until meat thermometer registers 170° (well done), basting occasionally with pan drippings.
Transfer roast to a warm serving platter. Serve the pan drippings as a gravy.