Preheat your oven to 350°F (175°C). Grease a 9-inch springform pan with butter and line the bottom with parchment paper.
In a medium bowl, whisk together the all-purpose flour, baking powder, baking soda, and salt.
In a large mixing bowl, combine the softened butter, olive oil, granulated sugar, vanilla, and lemon zest. Using a stand mixer fitted with the paddle attachment or a hand mixer, beat on medium speed until light and creamy, about 1 minute.
Add the eggs one at a time, beating well after each addition and scraping down the sides of the bowl as needed.
Add the ricotta cheese and mix on low speed until fully combined.
Gradually add the dry ingredients to the butter-sugar-ricotta mixture, mixing on low speed until just combined. Avoid overmixing.
Mix in the fresh lemon juice until incorporated.
Pour the batter into the prepared pan and smooth the top. Bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan on a wire rack for about 20 minutes. Then, remove the outer ring of the springform pan and let the cake cool completely. Before serving, dust the top with powdered sugar if desired.