Can't access PPP equipment connected to Guest

Hello everyone!

First, let me thank this community in advance, since it helped me in the past.

Well, basically, what I'm trying to do is to connect an equipment that needs to talk to a Windows Host through a Linux (Lubuntu) Guest.

Now a bit more of details:

1 - I have a software that only runs on Windows, and this is running on the Windows host that's also running the VMWare Player;

2 - The equipment talks RS-485, and connects using a PPP link, so I'm using a Serial x USB converter

3 - Using pppd on the Guest, I've created a connection to the equipment board that I need to talk to;

4 - From the Guest, I'm able to ping this equipment's remote IP (192.168.2.2), and I can confirm it by the equipment interace board LEDs...

5 - ... But I can't do it from my Windows Host.

6 - From the Host, I can ping the VM NIC (192.168.2.1) and the local PPP IP (192.168.2.4);

7 - The network card is configured with NAT.

8 - This is the command I'm using to create the PPP link: pppd silent noccp  nodetach noauth local logfile /home/logs/''$timestamp''pppd2.txt nocrtscts defaultroute kdebug 5 debug proxyarp 192.168.2.4:192.168.2.2 /dev/ttyMXUSB2 9600

Here'a an illustration of my network:

Do you guys have any idea of what's going on?

Thanks!!!