Preheat your oven to 325°F and line a 9x13-inch baking dish with parchment paper. Give it a quick spray with nonstick cooking spray, and make sure the parchment hangs over the sides — it makes lifting the cake out so much easier later.
In a large mixing bowl, beat together the eggs, sugar, and brown sugar with a hand mixer until the mixture looks light and fluffy. Add the vanilla and oil, mix again, then beat in the pumpkin purée until smooth.
In a separate bowl, whisk together the flour, baking powder, pumpkin pie spice, cinnamon, and salt. Gradually add the dry ingredients into the wet mixture, mixing a little at a time until everything is fully combined.
Pour the batter into your prepared pan and spread it out evenly with a spatula. Bake for 30–45 minutes, or until a toothpick or knife inserted in the center comes out clean.
Once baked, let the cake cool completely — about an hour on the counter should do it. Meanwhile, make the frosting: in a large bowl, beat the butter and cream cheese together until smooth and fluffy. Add the powdered sugar and mix well, then beat in the heavy cream and vanilla. Don’t forget to scrape down the sides of the bowl so everything’s fully incorporated.
Spread the cream cheese frosting evenly over the cooled cake. Drizzle caramel sauce on top, spreading and swirling it into the frosting for that marbled caramel look. Drizzle a little extra caramel over the top (because why not?) and, if you’d like, finish with a light sprinkle of cinnamon.
Lift the cake out of the pan using the parchment paper, slice into 12 squares, and enjoy every pumpkin-y, caramel-y bite.