Photographer Alexander Augusteijn captured several images of bullets hitting falling drops of water. Here's how he does it:
These kind of images require a lot of experimentation, dedication, patience and willingness to endlessly clean spill of liquids and debris from objects shot to pieces. Several hundreds of trial shots may be needed to get timing correct. After that, the process is pretty well controlled, and often half of the shots will be usable, with 1 out of 10 really interesting.
You can view several more examples at the link.
Link via Make | Artist's Website