Preheat oven to 350 degrees. Season lamb with fennel seeds, 1 teaspoon salt, and 1/2 teaspoon pepper. Heat oil in large high-sided ovenproof skillet over high heat. Sear chops until well browned, about 5 minutes per side.
Add wine and vinegar. Boil until slightly reduced, about 2 minutes. Add stock, figs, and bay leaves. Bring to a boil.
Braise lamb in oven, covered, for 45 minutes. Uncover. Braise, basting often, until lamb is tender and just falling off the bone, about 45 minutes more. (If liquid is not saucelike, simmer over medium-high heat until thickened.) Serve lamb with sauce.
Make ahead: Braised lamb chops can be refrigerated for up to 2 days. Reheat briefly, covered, in a low-temperature oven.