Drain apple slices, reserving juice. Add water to juice to equal 1 cup; set aside. Combine apple slices and lemon juice; toss lightly.
Combine apple slices, apple juice mixture, brown sugar, margarine, and apple pie spice in a large saucepan. Bring to a boil. Reduce heat, and simmer, uncovered, 20 to 25 minutes or until apple is tender, stirring occasionally. Serve warm.