Heat 2 tablespoons oil in a 12-inch heavy skillet over moderately high heat until hot but not smoking, then sauté onion, stirring frequently, until golden, about 6 minutes. Stir in water and 1/4 teaspoon pepper and cook, stirring, until onion is softened, about 1 minute. Stir in butter until melted, then stir in capers and lemon juice. Remove from heat and keep warm, covered.