Preheat oven to 350°F. Grease a Bundt pan or a 9x13-inch baking pan with nonstick baking spray. Set aside.
In a large bowl, use an electric mixer on medium-high speed to beat together the cake mix, dry Jell-O mix, eggs, water, lime juice, oil, and lime zest for about 3 minutes until smooth.
Pour the batter into the prepared pan. Tap the pan on the counter once or twice to release air bubbles.
Bake until a toothpick inserted in the center comes out clean and the cake springs back when gently pressed, about 40 minutes for a Bundt pan or 28-32 minutes for a 9x13-inch pan.
Cool for 10 minutes in the pan. Turn the Bundt cake out onto a wire rack to cool completely before glazing. If using a 9x13 pan, no need to invert; allow to cool completely in the pan.
Once the cake is completely cool, make the glaze. In a small bowl, whisk together the sifted confectioners' sugar, 2 tablespoons of lime juice, and vanilla extract until a thick, pourable glaze forms. If the glaze is too thick, add more lime juice one teaspoon at a time. If too thin, add more powdered sugar.
Pour or drizzle the glaze over the cooled cake. Let it set before slicing.
Slice and garnish each serving with a dollop of whipped cream and fresh lime zest or lime slices, if desired.