In a large pot, bring salted water to a boil. Add the tortellini and cook according to the package instructions, usually about 3-5 minutes or until they float to the top. Drain and set aside to cool.

While the tortellini cooks, chop the cherry tomatoes, slice the olives, dice the red onion, and chop the fresh basil.

In a large bowl, combine the cooled tortellini, cherry tomatoes, mozzarella balls, sliced olives, diced red onion, and basil.

In a separate bowl, whisk together the olive oil and balsamic vinegar, adding salt and pepper to taste. Drizzle this dressing over the tortellini mixture and gently toss to combine.

Let the pasta salad sit for about 15 minutes at room temperature, or refrigerate for an hour to develop the flavors fully before serving.