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If you feel like you should be paid more, make a case for yourself. It would be wise not to fixate on what someone else is making, as most employers won't entertain that discussion. However, if you make it about yourself and how you've grown in the role and you're a more valuable employee than you had been, that's an argument that may work.
You could always ask for a raise before deciding to leave. Otherwise, I would definitely start looking for something else in the meantime though.
There are many very simple reasons why a colleague could be making more than you, and mostly likely it’s just because they asked for it. You need to figure out how to ask, too.