Melt the butter in a small skillet, and then add the coconut flakes and pecans in with the melted butter.
With a spatula, mix to combine and toast until the coconut pecan mixture is a golden brown. Once done, set aside to cool.
Using a standing mixer, mix on medium low speed the cream cheese and sweetened condensed milk together until creamy.
Using a spatula, fold the cool whip into the bowl of cream cheese mixture until well combined.
Here’s where it gets really easy! It's time to start layering! Take the two pie shells and place them beside each other. Distribute 1/2 of the cream cheese mixture evenly between the two pie shells. Each pie shell will get 1/4 mixture at this point of the layering. By the time you are done with this step, you should have half of the mixture left in the bowl. Drizzle 1-2 ounces of the caramel sauce over the cream cheese mixture on each pie.
From there, sprinkle 1/4 cup of the toasted pecan and coconut mixture over the caramel onto each of the pies (so a total of 1/2 cup for both pies).
Repeat the layers, using the remaining ingredients. Finish by topping the pies off with the remaining coconut and pecan mixture.
Cover each pie with plastic wrap and place each pie in the freezer so they can set overnight.
About 10 to 15 minutes before serving, pull the pies out of the freezer to thaw before serving. Using a serrated knife, slice the pecan pie and serve. Just look at that layer of caramel!