Preheat the oven to 350 degrees. Grease a 9-by-2-inch round cake pan with a little olive oil and flour the pan.
In a medium bowl, whisk together the flour, baking soda, and baking powder. Set aside.
In a larger bowl, add eggs, sugar, olive oil, lemon zest, vanilla extract, and thyme and beat with an electric mixer on medium-high speed for about 3 minutes. Beat until the mixture is pale yellow and thickened.
Turn the mixer to low, and slowly add the milk, followed by the lemon juice. Mix until the ingredients are incorporated. Add the flour mixture 1/2 at a time, mixing on low after each addition, until just combined. Be careful not to over-mix.
Pour the batter into the prepared pan. Bake for about 35 minutes or until golden brown and a toothpick inserted into the center comes out clean. Cool the cake for 10-15 minutes and place on a cake plate or cake stand with the rounded side up.
Using a fine-mesh sieve, dust the top with powdered sugar, and decorate with fresh fruit and herbs.
Slice, serve, and enjoy!