Bake your pie shells according to package directions and let them cool completely.
While your pie shells are baking, melt the butter in a skillet over medium and add the pecans and coconut. Toast your coconut and pecans in the butter until they become golden brown (roughly 10 minutes). Keep stirring constantly -- these can scorch easily. Set them aside to let them cool.
In a large mixing bowl, beat the cream cheese and sweetened condensed milk together until creamy. Fold in your whipped topping by hand -- be careful not to "break it down" too much, but still get it incorporated nicely (it's such a fine line, isn't it?).
Have your baked and cooled pie shells ready to fill -- it’s time to start layering!
Start by using 1/2 of your cream cheese mixture and divide that evenly between the two pie shells (so, technically, each pie will get 1/4 of the mixture).
Drizzle 1/4 of your caramel sauce over the cream cheese mixture on each pie, use 1/4 per pie and 1/2 the jar total for this layer.
Sprinkle 1/4 of the pecan/coconut mixture over the caramel on each pie. Again, use 1/2 of the mixture total.
Repeat the layers, using the remaining ingredients. Place pies in the freezer overnight.
You'll pull them out about about 20-30 minutes before serving to let them thaw a bit. You can store them in your freezer for about a month. I double wrap mine in Press-N-Seal and then add an additional layer of foil on top of that, to prevent any freezer burn.