In a small mixing bowl, stir together onion powder, garlic powder, smoked paprika, thyme, oregano, sea salt, black pepper, and cayenne pepper to form the Cajun seasoning blend.
Dry the mahi mahi fillets thoroughly with paper towels. Coat each fillet generously on both sides with the spice blend, pressing it in firmly by hand.
Set a large sauté pan over medium-high heat. Add the butter and olive oil to the pan. Once the fat is hot and shimmering, lay the seasoned fillets in the pan.
Allow the fish to cook undisturbed for several minutes until a deep golden crust develops on the underside. Carefully flip the fillets and cook until the fish becomes opaque and flakes easily with a fork.
Finish by squeezing fresh lemon juice over the fish and serve immediately.