The objective of this research is to determine the influence of dual-orifice jet nozzles on the oil–air flow dynamics and oil capture performance in the under-race lubrication for high-speed bearings and to identify the optimal design parameter combinations for optimizing the oil capture performance. An experimental setup for under-race lubrication is specifically designed, complemented by a multiphase computational fluid dynamics model to elucidate the oil–air flow behavior. The response surface methodology is combined with a multi-objective particle swarm optimization algorithm to perform multi-objective optimization of the oil capture performance. The findings indicate that oil capture efficiency initially rises to a peak and subsequently declines with increasing orifice spacing, identifying an optimal orifice spacing that maximizes efficiency. While the oil flow rate from dual-orifice jet nozzles is lower than twice that of single-orifice jet nozzles, appropriate parameter matching allowed for an increase in both captured lubricant oil and efficiency. Optimized configurations achieved substantial enhancements in oil capture efficiency, with the greatest improvement exceeding 16%, all while maintaining precise oil supply to the high-speed bearings.