Preheat the oven to 375°F. Line a baking sheet with parchment paper.
Divide each meatball in half and roll into 2 mini meatballs for a total of 48 meatballs.
Place meatballs onto the prepared baking sheet so that they are in a single layer and at least 1-inch apart. Bake for 15 minutes, turning once halfway through the cooking time.
In a large saucepan over medium heat, stir together the chili sauce, cranberry sauce, brown sugar, and lemon juice. Cook just until the sugar is dissolved, stirring frequently.
Reduce heat to low and add the meatballs, stirring gently to coat with the sauce. Simmer for 30 minutes, stirring occasionally. Serve hot.
Cooking Variation: To make these cocktail meatballs in a slow cooker: Gently toss meatballs in the sauce then place in a slow cooker on low heat for 3-4 hours.