How to control high power leds (500mA) via pmw accurately?

I agree with Grumpy_Mike: That is not going to happen.
Suppose 10MHz pwm with 8-bit pwm, 256 possible pwm values. So the base clock for the pwm should be 2.56GHz.
That is something for a laboratory test.
I also don't know what that led will do with 10MHz.
So lets drop the pwm.

Can you use an analog controller for the leds ?
How fast do those leds need to change the brightness or turn on and off ?
If that can be slow, you can use a switching current driver with a filter.
If that needs to be extremely fast, you can only use a full analog controller with heatsinks.