It's actually much simpler with vargula. It is a python library that supports terminal text formatting with markup-like syntaxing. Here's what you need:

import vargula as vg
vg.write("<red>ONE</red> <blue>TWO</blue>")

Outputs like:

While the same, if you want them to be bold, you can do the following:

It also supports nested tags and defining your own styles. But for your current scenario, this should be sufficient.