The answer to the riddle is "a balloon."
- "I grow but I’m not a flower": Balloons can be inflated and "grow" in size.
- "I fall but I'm not free": Balloons can fall when they deflate or when they are let go.
- "I hang with pride for all to see": Balloons are often hung up for decoration at parties and events.
- "A world of color inside of me": Balloons come in many colors and often have colorful designs on them.