This is a bit of a tricky one, as "lite" is a spelling variant often used to mean "light" in terms of weight or calories. However, in this context, it refers to a shade or color that is lighter than others.
Here are some examples of how it might be used:
* "She wore a lite colored dress to the party."
* "The walls are painted in a lite colored blue."
Remember, though, that "lite colored" is a less common spelling than "light colored," and may not be recognized by all readers.