In an ice-filled cocktail shaker, combine the caraway rye with the lemon juice, simple syrup and bitters. Stir with a bar spoon until well chilled, about 10 seconds. Strain the drink into an ice-filled rocks glass. Top with club soda and garnish with the lemon wheel.
To make simple syrup, simmer 1/2 cup water with 1/2 cup granulated sugar, stirring frequently, until the sugar has dissolved. The simple syrup can be refrigerated in a covered jar for up to 1 month.