How to Make It
Stir together sugar and water in a medium saucepan. Bring to a boil over high; boil, stirring occasionally, until sugar dissolves, about 1 minute. Let cool completely, about 30 minutes.
Stir together simple syrup, tequila, pomegranate juice, and lime juice in a large pitcher or punch bowl. Chill at least 2 hours or up to 24 hours.
To serve, gently stir in chilled sparkling water; pour into glasses filled with ice. Garnish glasses with pomegranate arils and lime slices.