Preheat your oven to 350°F (175°C) and grease a 9x13-inch baking pan.
In a large mixing bowl, cream together the softened butter, granulated sugar, and brown sugar until light and fluffy, about 3-5 minutes.
In a separate bowl, beat together the softened cream cheese, 1 teaspoon of vanilla extract, and powdered sugar until smooth and creamy.
Add the eggs to the butter and sugar mixture, one at a time, mixing well after each addition. Gradually add the dry ingredients and mix until just combined. Fold in the chopped pecans gently.
Pour the cake batter into the prepared baking pan and drop spoonfuls of the cream cheese mixture over the top. Swirl the cream cheese into the batter with a knife.
Bake for 40-45 minutes until the edges are golden brown and a toothpick inserted in the center comes out mostly clean.
Allow the cake to cool in the pan for at least 15 minutes before slicing into squares and serving.