Preheat oven to 350°F (175°C). Grease and line a 9×5-inch loaf pan with parchment paper.
In a bowl, whisk flour, baking powder, baking soda, and salt.
In a separate bowl, beat butter and sugar until light and fluffy. Add eggs one at a time, then mix in vanilla.
Alternate adding dry ingredients and milk, mixing gently until just combined.
Beat cream cheese, sugar, egg, and vanilla until smooth.
Pour half the batter into the pan. Spread cream cheese mixture evenly. Drizzle with half the caramel. Add remaining batter and finish with remaining caramel. Swirl gently with a knife.
Bake 55–65 minutes, tenting with foil if needed, until a toothpick inserted comes out clean.