Preheat your oven to 350°F (175°C). Grease and flour your bundt pan generously to ensure easy release after baking.
In a large mixing bowl, whisk together the all-purpose flour, baking powder, salt, and baking soda. Set aside.
In another bowl, beat the unsalted butter and granulated sugar together using an electric mixer until the mixture is light and fluffy, about 3-4 minutes.
Add the vegetable oil, eggs, and vanilla extract to the butter mixture. Mix until well combined. Then, gradually add the buttermilk, mixing until smooth.
Slowly add the dry ingredient mixture to the wet ingredients, mixing just until combined. Be careful not to overmix, as this can lead to a dense cake.
Divide the batter evenly into six bowls. Add a different food coloring to each bowl, mixing until you achieve the desired shades. Remember, gel paste colors are more vibrant!
Spoon the colored batter into the prepared bundt pan, layering the colors in any order you prefer. You can even use a skewer or knife to swirl the colors together slightly for a marbled effect.
Bake in the preheated oven for about 55-65 minutes, or until a toothpick inserted into the center comes out clean. Keep an eye on it, as baking times may vary.
Once baked, remove the bundt pan from the oven and allow the cake to cool in the pan for about 15 minutes. Then, carefully invert the pan onto a wire rack to cool completely.
In a small bowl, whisk together the powdered sugar, lemon zest, and freshly squeezed lemon juice until smooth. Adjust the consistency by adding more lemon juice or powdered sugar as needed.
Once the cake has cooled completely, drizzle the lemon glaze over the top. Let it set for a few minutes before slicing.