Preheat your oven to 350°F (175°C) and grease a 9-inch cake pan with coconut oil.
In a large mixing bowl, whisk together the almond flour, coconut flour, baking powder, baking soda, cinnamon, nutmeg, and salt.
In a separate bowl, beat the eggs and honey or maple syrup together until smooth.
Add the melted coconut oil and vanilla extract to the egg mixture and stir to combine.
Gradually mix the dry ingredients into the wet mixture until fully combined.
Fold in the grated carrots until evenly distributed throughout the batter.
Pour the batter into the greased cake pan and smooth the top with a spatula.
Bake for 35-40 minutes, or until a toothpick inserted into the center of the cake comes out clean.
Remove the cake from the oven and let it cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.
While the cake is cooling, make the frosting by beating the cream cheese and butter together in a mixing bowl until smooth.
Gradually add the powdered sugar and vanilla extract to the cream cheese mixture, and beat until fully combined.
Once the cake has cooled completely, spread the frosting over the top of the cake.
Slice and serve.