Short answer: fly a scheduled economy seat (look for low‑fare direct flights such as Flydubai or seasonal deals on SriLankan/Gulf Air) and be date‑flexible — that’s almost always the cheapest practical way. Recent searches show one‑way fares from roughly $140–$220 and roundtrips commonly $200–$350 if you shop around and travel off‑peak. (Google.com)

Practical steps to get the cheapest fare

• Compare aggregators (Google Flights, Skyscanner, Kiwi, Expedia) and an airline’s website — they often show different deals. Set price alerts. (Google.com)
• Be flexible on dates and avoid peak holiday months; mid‑week departures are often cheaper. Skyscanner/Google show October–November and mid‑week as lower‑price windows for CMB→MLE. (Skyscanner.net)
• Favor nonstop or single‑stop economy on low‑cost / regional carriers (Flydubai, sometimes SriLankan/Gulf Air). Nonstop flights are short (~1h–1.5h) and often cheaper than complicated routings. (Google.com)
• Book ~3–8 weeks ahead for lower last‑minute prices, or grab a sale fare when you see it — fares fluctuate a lot. Use alerts. (Orbitz.com)
• If your final destination is a private island resort, avoid including seaplane or speedboat transfers in your initial search — resort transfers can be very expensive (sometimes more than the flight). Compare flying into Velana (MLE) and then arranging transfers separately. (overwaterbungalows1.com)

Other (less common) options

• Ferry/cruise or private charter: much slower or far more expensive than commercial flights; not usually cheaper unless you find a special cruise sale. (overwaterbungalows1.com)

If you want, I can:

• Run live searches for specific travel dates and show cheapest current options and links (I’ll check multiple engines and the airlines).