In a mixing bowl, cream butter and sugars. Add eggs, one at a time, beating well after each. Beat in lemon and orange peels.
Combine dry ingredients; gradually add to creamed mixture alternately with juices. Stir in carrots, raisins and pecans.
Pour into a greased and floured 10-in. fluted tube pan. Bake at 350 degrees F for 50-60 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes; remove from pan to a wire rack.
For frosting, in a mixing bowl, beat the cream cheese, confectioners' sugar and vanilla until smooth. Frost cake; sprinkle with pecans.