Frosting: Beat cream cheese and butter until smooth. Add powdered sugar, lemon juice and vanilla and beat until fluffy and spreadable. Stir in chopped pecans. Set aside.
Waffles: Heat and lightly grease waffle iron.
Measure mix by lightly spooning it into measuring cup and leveling off. Whisk mix, cinnamon, nutmeg, carrots, coconut and pecans together.
In large bowl, whisk water, egg and oil together. Add dry to wet and whisk until combined. Batter will be lumpy. Let batter stand 2 minutes.
Pour about 2/3 cup batter onto waffle iron and cook until steaming stops (about 5-6 minutes).
Let waffles cool completely. Spread frosting on waffles and stack. Garnish with pecan halves and a sprinkle of cinnamon.