I was surprised to discover colorado means red colored or red. Color means color in Spanish and the ending -ado is equivalent to the ending -ed in English. Putting the two together should mean colored as would the Portuguese word colorido, a neighboring language. Just as the word bearded Barbado is formed by joining barba, beard, and -ado, -ed in both Spanish and Portuguese. Red or red colored, simply makes no sense at all.
I've Googled around and found that all the results claim it means red or red colored, but when I tried to translate colored using Google translate, it also included colored as one of the translations. This is remarkably odd. Could it be a remnant of an older dialect of Spanish?