Preheat oven to 350 degrees. Wrap beets in aluminum foil, and place on a baking sheet. Bake until tender when pierced with the tip of a knife, about 1 hour and 30 minutes. Remove from oven, and let stand until just warm. Slip skins from beets, and slice beets into wedges.
In a medium bowl, whisk together vinegar, sugar, caraway seeds, salt, and pepper. Add beets, and toss to combine. Will keep, refrigerated in an airtight container, for up to 2 weeks.