IPA: /ˈbaɪ.kə.lər/
KK: /ˈbaɪˌkɒlər/
Having two different colors.
The artist used a bicolor palette for the painting, combining blue and yellow.
Bicolor is formed from "bi-" (meaning two) and "color" (from Latin "color", meaning hue or tint). The word "bicolor" refers to something that has two colors.
Think of 'bi-' meaning two, and 'color' referring to hue — that's why bicolor means having two colors.