I'm having a bit of trouble with my 04 R/A lancer. Seems that in every gear when the rpms reach at about between 4-5k its seems to lose power or holding back. Any clues as to what this could be?

 

Catalytic convertor?

 

i was thinking maybe it could be the MIVEC system that's failing, MAF sensor, or maybe bad plugs. anyone else have a suggestions or have had this problem occur before?

 

Take it to the dealer.

 

maybe its a mitsubishi??

 

All the things you have listed are to blame if the engine has a malfunction all the way from 800 to 7000 RPM. If the catalytic convertor is clogged, you won't have the same flow on exhaust so the engine gradually cuts the amount of gasoline injected into the cylinders.
Now tell me how the car reacts:
- at 4000 RPM the injection cuts as the maximum RPM is reached
or
- you gradually lose power at about 4000 RPM ?
If the first behaviour occures, it's an electonic matter and you have to go to the shop. If the second behaviour occures, you can check the temperature on central tunnel, around shifter or you can look under the car to see the cat. If it's clogged, the temperature around the shifter (inside the car) is pretty high and/or the cat almost turns to red.
UNDER ANY CIRCUMSTANCES, DON'T ATTEMPT TO CHECK CAT'S TEMPERATURE WITH YOUR HAND!!!

 

The first thing you mentioned happens. It seems like after 4000 RPM between there and 5000 RPM the injection cuts off. i cannot Accl. unless i switch gears. Now this does not happen all the time but it does happen often. I was thinking maybe it could be the MAF sensor?

 

Could be the MAF or God knows which other sensor, could be the fuel pump, could be an electric fault. Anyway, take it to the dealer and run a computerised test.