PREHEAT oven to 325° F. Grease 11 x 7-inch baking dish or 1 1/2- to 2-quart casserole dish.
COMBINE flour, sugar, salt, black pepper and nutmeg in small bowl. Combine lima beans, corn and eggs in medium bowl.
MELT butter in large skillet over medium heat. Add onion and pepper, stirring occasionally, until soft. Add flour mixture; stir well. Stir in evaporated milk. Cook, stirring constantly, until mixture comes just to a boil and thickens slightly. Remove from heat. Stir in vegetable-egg mixture. Pour into prepared casserole. Place casserole in large roasting pan; fill roasting pan with warm water to about 1-inch depth.
BAKE for 50 to 55 minutes or until knife inserted near center comes out clean. Remove from water. Let cool for 15 minutes before serving.