In a large saucepan, combine the rice, water, raisins, nutmeg, cinnamon, sugar, and lemon juice. Stir to combine. Cover and bring to a simmer. Cook until the rice is tender, approximately 30 to 40 minutes. Remove from the heat and let stand, covered, 5 to 10 minutes until the water is absorbed. Let cool. Fold in the ricotta cheese and vanilla extract.
Mold in individual molds and turn out onto a serving plate, or place a 1/2 cup mound in the center of 8 dessert plates. Surround with fresh fruit. Makes 8 servings.