Preheat your oven to 350°F (175°C).
In a saucepan, melt the sugar over medium heat until it turns golden brown.
Quickly pour the caramel into a round baking dish, tilting to coat the bottom.
In a blender, combine eggs, sweetened condensed milk, evaporated milk, and vanilla extract.
Blend until smooth and pour the mixture over the caramel.
Place the baking dish in a larger baking pan and add hot water to the outer pan.
Bake for about 60 minutes or until set.
Let it cool to room temperature, then refrigerate for at least 4 hours.
To serve, run a knife around the edges and invert onto a plate.