Begin by preparing the papaya. Cut it in half, scoop out the seeds, and use a knife to peel the skin. Dice the papaya into bite-sized pieces and place them in a large mixing bowl.
Cut the avocados in half, remove the pit, and scoop the flesh out with a spoon. Dice the avocado and add it to the bowl with the papaya.
Add the halved cherry tomatoes, finely chopped red onion, and chopped cilantro to the bowl.
In a small bowl, whisk together the olive oil, fresh lime juice, lime zest, salt, and pepper to create the dressing.
Drizzle the dressing over the salad ingredients in the large mixing bowl. Gently toss everything together until well combined, being careful not to mash the avocados.
Taste and adjust seasoning if needed. Serve immediately or chill in the refrigerator for 30 minutes before serving for a colder option.