I do believe quite a few fish can see colour, though a different array to what we see. Many reef fish for example communicate via UV reflective patterns on their bodies, light that we obviously can't see. I think billfish too have been shown to be able to see colour.
I am curious however, as to why on earth arowana should freak out at the sight of red? Don't you guys feed them freeze-dried krill, which is red? Moreover, quite a few Asian Arowana are red, why don't they freak out at the sight of their own reflection, or when they see another arowana that IS red? Come to think of it, there was a member here who had a few clown loaches in with their aro, and their fin tips are also red.
So what's the go here, what's happening?