Preheat oven to 350°F and prepare a 9x13 inch cake pan with non-stick baking spray.
Combine the flour, baking powder, baking soda, and salt in a medium bowl and set aside.
In a large bowl, beat the butter, vegetable oil, sugar, and vanilla extract together until light and fluffy, about 2-3 minutes.
Add eggs one at a time, mixing well after each addition. Scrape the bowl as needed to ensure even mixing.
Add half of the dry ingredients to the wet ingredients and mix until mostly combined.
Mix milk, half the lemon juice, and lemon zest together, then slowly add to the batter, blending well.
Add the remaining dry ingredients to the batter and mix until smooth. Avoid over-mixing.
Pour batter into the prepared cake pan and bake 20-25 minutes or until a toothpick inserted comes out clean.
Remove cake from oven and poke holes all over the top using a knife sharpener or wooden spoon handle.
Combine sweetened condensed milk with remaining lemon juice and pour over the warm cake. Let cake cool completely.
In a large bowl, whip heavy cream, powdered sugar, and vanilla until soft peaks form.
Add mascarpone cheese to the whipped cream and continue whipping until stiff peaks form.
Spread or pipe the mascarpone whipped cream frosting over the cooled cake.
Refrigerate the cake until ready to serve.
Notes
This luscious lemon cake is best served chilled and can be stored in the refrigerator for up to 3 days. Enjoy the bright flavors of lemon and creamy frosting!