Preheat the oven to 300 degrees F. Heat the lard in a large Dutch oven over medium heat.
Rub the pork roast all over with the spice rub. Place the roast in the Dutch oven and brown on all sides. Add the water to the pot and bring to a boil. Cover and transfer the pot to the oven.
Cook for 3 hours, or until the pork is tender and can easily be pierced with a fork. Remove from the oven and use 2 forks to shred the meat off the bone; discard the bone.
Pour the BBQ sauce over the meat and toss to coat. Season with salt and pepper to taste and toss again to combine.
Store leftovers in the refrigerator for up to 3 days or freeze for up to a month.