Preheat the oven to 350°F (175°C). Grease a 9-inch round cake pan and line the bottom with parchment paper.
In a bowl, whisk together the flour, baking powder, baking soda, and salt.
In another large bowl, beat the sugar and olive oil until well combined. Add the eggs one at a time, beating well after each addition.
Add the dry ingredients to the wet ingredients in three additions, alternating with the milk, beginning and ending with the flour mixture. Stir in the vanilla extract and lemon zest.
Pour the batter into the prepared pan and smooth the top. Bake for 45 minutes, or until a toothpick inserted into the center of the cake comes out clean.
Let the cake cool in the pan for 10 minutes, then transfer it to a wire rack to cool completely. Dust with powdered sugar before serving, if desired.