  We study the decay K^+ -> pi^+ pi^0 e^+ e^-, currently under analysis by the
NA62 Collaboration at CERN. In particular, we provide a detailed analysis of
the Dalitz plot for the long-distance, gamma^*-mediated, contributions
(Bremsstrahlung, direct emission and its interference). We also examine a set
of asymmetries to isolate genuine short-distance effects. While we show that
charge asymmetries are not required to test short distances, they provide the
best environment for its detection. This constitutes by itself a strong
motivation for NA62 to study K^- decays in the future. We therefore provide a
detailed study of different charge asymmetries and the corresponding estimated
signals. Whenever possible, we make contact with the related processes K^+ ->
pi^+ pi^0 gamma and K_L -> pi^+ pi^- e^+ e^- and discuss the advantages of K^+
-> pi^+ pi^0 e^+ e^- over them.
