This study evaluates the use of chickpea aquafaba (CA)-based emulsions as a potential substitute for palm oil (PO), using pound cake as a case study. The CA was characterized in terms of pH (6.38 ± 0.01), density (1.02 g mL⁻¹ ± 0.01), color, total soluble solids (6.3 ± 0.2 °Bx), total solids (5.7 ± 0.2%), thermal properties through DSC, and apparent viscosity (2.5 cPa·s⁻¹ ± 0.02 at 300 s⁻¹). Emulsions containing 35, 30, and 25% of CA were produced and applied to cake formulation C1, C2, and C3, respectively. The cake batter was evaluated in terms of apparent density (0.87–1.04 g¹ cm⁻³), rheology, and pH (6.6–6.8). The cakes were evaluated for specific volume, baking loss (8.9–9.5%), color, and symmetry index on day 1, and firmness, water activity (aw), and moisture content (%), after 14 days of storage. The cakes produced with the emulsions were found to have slightly higher specific volume (2.3 cm³ g⁻¹) when compared to the control (C4) produced with PO (2.2 cm³ g⁻¹). The moisture and aw decreased and firmness increased during storage. In terms of formulation (i.e., day 1 for C1, C2, C3, and C4), there was no significant difference for moisture. As for aw, the C4 (0.90) was significantly different from the cakes produced with emulsions (0.91–0.92). The results from the sensory evaluation, carried out with 120 panelists, showed no statistically significant difference between C3 and C4 for the attributes of aroma, color, texture, flavor, and overall impression. Based on our results, it appears that the CA-based emulsions have the potential to replace PO in pound-cake recipes, reducing total and saturated fat.