Bring a kettle of water to a boil and then take it off the heat. Let it sit while you prep everything.

To make the dip, combine all sauce ingredients in the blender and whizz on high until you have a smooth, runny sauce. Store in the refrigerator while you prepare the rolls.

To make the rolls, arrange the mint, cilantro, bell pepper, shallot, and peanuts on a large cutting board. Set your rice paper wrappers to one side. Next to the rice paper wrappers, set down a wide bowl that's large enough to accommodate the wrappers. Pour the hot water into the bowl--it should be hot, but not too hot to touch. Place a platter or large plate nearby.

Take one rice paper wrapper and submerge it in the hot water. Soak the wrapper until it's soft and very pliable, about 20 seconds. Lay the wrapper out flat on a clean surface. Sprinkle some chopped peanuts across the bottom third of the wrapper. Lay some mint and cilantro leaves on top. Fold up a section of the julienned papaya and lay it on top of the herbs. Place 4-5 strips of red pepper on top, and a little tangle of shallots.

Fold the left and right flaps of the wrapper in toward the center. Then, carefully bring the bottom edge (the one closest to you) up over the filling. Try to secure it around the filling as tightly as you can without ripping the wrapper. Keep rolling the filling up towards the farthest edge. Close the roll up and place it on the platter. Repeat soaking and rolling with remaining wrappers and fillings.