Heat the oven to 325 degrees. Coat a 12-cup Bundt pan with cooking spray; sprinkle with flour, tapping out the excess.
Whisk the flour, baking powder, baking soda and salt in medium bowl.
Beat the sugar, sour cream, oil and lemon peel in large bowl at medium-low speed until smooth. Beat in the eggs, one at a time, beating until combined. Beat in 2 tablespoons lemon juice and vanilla extract. At low speed, beat in the flour mixture until blended; spoon the batter into the pan.
Bake for 55 to 60 minutes or until the top is golden brown and a wooden skewer inserted in the center of the cake comes out clean.
Cool in the pan on a wire rack for 10 minutes. Invert the cake onto a wire rack; cool completely.
Meanwhile, whisk 2 tablespoons lemon juice and the powdered sugar. Drizzle over the cake. Let stand until set.