In a large bowl, add oil, eggs, milk, vanilla, zest, and lime juice. Cream together on low until combined.
In another large bowl, add sugar, flour, baking powder, baking soda, and salt. Stir to combine.
Add the flour mixture into the egg mixture.
Spray two 9 inch cake pans with nonstick spray. Pour the batter evenly into the 2 pans. Bake for 30 - 35 minutes, until a toothpick inserted into the middle comes out clean. Cool completely before icing.
Make the frosting:
While the cake cools, in a large bowl, mix together the butter and cream cheese.
Add the powdered sugar, lime juice, and lime zest. Mix until combined and smooth.
Assemble the cake:
Remove the cakes from their pans. Spread icing over one cake layer, covering the top (this will be the filling of the cake).
Stack the second layer on the first and cover in icing.
Garnish with fresh lime slices and more icing, if desired.
Note: This icing recipe makes enough to cover the cake and add decoration. If you aren’t planning to add additional icing to the top of the cake, you can divide ingredients for the icing in half.
*This recipe can also be made in three 9” cake pans. If using 9” pans bake for 20 - 25 minutes.*Tip: make sure your cake is completely cool before icing it. You may want to chill your icing until it’s ready to add to the cake.*You could make this into a lemon-lime cake by switching out half of the lime zest and juice that it calls for with lemon.The calories shown are based on the cake being cut into 15 pieces, with 1 serving being 1 slice of cake (all of the frosting used). Since different brands of ingredients have different nutritional information, the calories shown are just an estimate. **We are not dietitians and recommend you seek a nutritionist for exact nutritional information.**