In a medium mixing bowl, combine the softened cream cheese, sour cream, and powdered sugar. Use an electric mixer on medium speed until the mixture is smooth and creamy.
Add the key lime juice, key lime zest, and vanilla extract to the bowl. Mix again until everything is well combined.
Gently fold in the whipped topping using a spatula until the dip is light and fluffy. Be careful not to deflate the mixture.
Once combined, transfer the dip to a serving bowl.
Sprinkle the top with graham cracker crumbs for garnish and additional crunch.
Chill the dip in the refrigerator for at least 30 minutes to allow the flavors to meld together.
Serve the dip with fresh fruit slices, graham crackers, or vanilla wafers for dipping.
Notes
Chill the dip for at least 30 minutes for the best flavor.