Fibroblast activation protein α (FAP) is highly expressed on cancer-associated fibroblasts and has emerged as a promising target for tumor molecular imaging and therapy. Although many FAP-targeted ligands have entered clinical evaluation, important aspects of FAP biochemistry, enzyme kinetics, and target engagement are still not well understood, limiting rational ligand design and therapeutic optimization. The overarching aim of this thesis was to establish robust recombinant production of highly active FAP, and to develop an in vitro screening framework for FAP-targeted theranostic ligands that enables quantitative kinetic characterization of target engagement and residence time. First, this thesis reviews the historical development of FAP-targeting strategies in oncology (Chapter 3). Subsequently, recombinant production of human FAP (Chapter 4) and related proteases (Chapter 5) was optimized, focusing on yield, specific activity and stability. The enhanced quality of the recombinant human FAP facilitated a first structural characterization with a FAP-inhibitor, and the development of more elaborate enzymatic assay formats. Building on this foundation, medium-throughput kinetic assays were established to accurately determine association and dissociation rate constants of FAP-inhibitors, allowing target-residence time to be quantified as a key parameter for ligand selection (Chapter 6). Application of this framework revealed that structurally related FAP-inhibitors can display markedly distinct kinetic profiles despite similar equilibrium potency, highlighting the limitations of conventional affinity-based screening. In addition, this work also describes the development of a FAP-targeted gold nanoparticle conjugate as an exploratory translational tool for FAP research (Chapter 7). Multiple targeting strategies were evaluated, including monoclonal antibodies, small-molecule FAP-inhibitors, and single-domain antibodies, to assess their compatibility with gold nanoparticle conjugation and retention of functional FAP binding. The final conjugate was evaluated in a proof-of-principle anti-FAP lateral flow assay. Beyond this diagnostic application, the conjugate represents a versatile platform with broader potential, for example as a tracking reagent to study FAP localization and behavior in vitro, including live-cell imaging applications. Collectively, this work provides a mechanistic basis for the rational design and evaluation of FAP-targeted radioligands and diagnostic tools. The findings contribute to ongoing efforts to improve the specificity, efficacy, and clinical robustness of FAP-based theranostic strategies.