Measure out ¼ cup of prepared horseradish and place it in a medium mixing bowl. Add 2 cups of ketchup and mix well until blended into a smooth mixture.
Pour in 2 tablespoons of Worcestershire sauce and 1 tablespoon of freshly squeezed lemon juice. Stir the mixture to combine.
Add ½ teaspoon of freshly ground black pepper. Optionally, add a pinch of garlic powder. Cover the bowl and refrigerate for at least an hour to let the flavors meld.
