Stir condensed milk and water together in a medium bowl; beat in pudding mix until smooth. Chill mixture in the refrigerator for 5 minutes.

Whip cream in a separate bowl until stiff peaks form. Fold whipped cream into chilled pudding mixture.

Dip sliced bananas in lemon juice. Shake off excess.

Spoon 1 cup of the pudding mixture into a 2 1/2 quart serving bowl. Top with 1/3 each of the wafers, bananas, and remaining pudding. Repeat layers twice. Chill until serving.