Colors: Open the Theme editor and click on Theme settings > Colors options.

The image shows part of Theme editor’s Theme settings > Colors. The settings adjust the color that’s applied to the Scheme 1 color scheme’s text.

Color schemes: You can create different sets of colors called Color schemes. Luxury Theme provides 7 default color schemes, and supports up to 21 color schemes for your store. Refer to Shopify help: Color schemes.