Prepare home canning jars and lids according to manufacturer's instructions.
Combine peaches, papayas, lemon juice, water and vanilla bean in a large saucepot.
Simmer mixture 10 to 15 minutes, stirring occasionally. Stir in pectin; bring to
a boil over high heat, stirring constantly. Add sugar, stirring until dissolved.
Return to a rolling boil. Boil hard 1 minute, stirring constantly.
Remove from heat. Remove vanilla bean. Skim foam if necessary. Ladle hot preserves
into hot jars, leaving 1/4-inch headspace. Wipe jar rim clean. Screw band down evenly
and firmly just until a point of resistance is met - fingertip tight.