Combine 1/3 cup firmly packed brown sugar and 1 tablespoon water in a large nonstick skillet. Cook over medium heat until sugar melts.
Add 2 large bananas, peeled and sliced, to skillet; cook over low heat 2 minutes or until banana is heated. Spoon banana mixture evenly over 1/2-cup portions of vanilla fat-free ice cream; top each serving with 1 teaspoon fat-free caramel topping.