Preheat the oven to 350°F. Grease a 9-inch pan and set aside.
In a large bowl, stir together the almond flour, coconut flour, baking powder, cinnamon, and salt. Set aside.
In a small bowl, beat together the eggs, monk fruit sweetener, and vanilla extract until fully combined.
Pour the egg mixture into the flour mixture. Mix until a rough dough forms.
Stir in the carrots.
Add the coconut and walnuts, then mix to combine.
Press the mixture into the prepared pan.
Bake for 25-30 minutes, or until a toothpick inserted in the center comes out clean and the edges of the cake are just golden.
Allow the cake to cool in the pan for at least 15 minutes, then transfer to a wire rack to cool completely.
Meanwhile, in a large bowl, beat together the cream cheese and butter until smooth, about 2 minutes. Add the powdered sweetener and mix until completely combined.
Once the cake has cooled, frost with cream cheese frosting. Decorate with additional walnuts if desired.