Heat oven to 375°F. Grease an 8x8-inch baking pan.
In a small pot, add rice, 1 cup coconut milk, 1 cup water, and 1/4 teaspoon salt. Stir over medium heat and allow mixture to come to a boil.
Once the mixture has reached a boil, reduce to low heat and cover the pot. Allow to cook for 25 minutes or until rice is slightly undercooked. Set aside.
This takes a while, be patient. In a large saucepan, add 1 cup coconut milk, dark brown sugar, light brown sugar, and 1/4 teaspoon salt to the pot. Stir over medium heat. Allow mixture to reduce to a simmer. Continue to stir occasionally. Allow mixture to cook for 30-40 minutes or until it thickens into caramel. Set 2/3 cup of caramel aside.
Take cooked rice mixture and combine it with caramel mixture. Stir the rice in until evenly coated.
Pour the coated rice mixture into greased pan. Top with remaining caramel and bake for 30 minutes.
Once out of oven, allow to cool. Cut into squares, serve, and enjoy!