If using frozen edamame, cook according to package instructions and let cool. If using fresh, steam until tender, about 5 minutes. Drain and cool.
In a large mixing bowl, combine the cooked edamame, corn, cherry tomatoes, red bell pepper, red onion, and cilantro.
In a separate small bowl, whisk together the olive oil, lime juice, garlic powder, salt, black pepper, and cayenne pepper (if using).
Pour the dressing over the salad and toss gently to combine all ingredients evenly.
Chill the salad in the refrigerator for at least 30 minutes before serving to allow the flavors to meld.