Choose two identical pieces of paper.
Ball up one of the pieces of paper tightly and place it deep into the palm of one of your hands. Play with this method until you can use your hand so that it looks natural and that there is nothing in your hand.
Hold up the other piece of paper by the corners. Tear it into pieces in front of your audience's eyes.
Press the torn pieces up together in a tight ball.
Maneuver the paper as you are balling it together so that you place it into the palm of your other hand while switching it out with the ball of paper in your other palm. Play with this a while until you can get it to look natural.
Open up the ball of paper into a fully-restored piece of paper. Hold it up so your audience can see that it is in fact totally repaired.