Yes colour and brightness will, in some cases dramatically, change the colour of fish.
Basically this is to do with the brightness and temperature of the bulb used (the number on the box, like 6500k is the measure of the temperature). Whiter light will give a 'truer' reflection of colour. Blue lights will cool the colours while red will warm. Brighter white lights penetrate the water better so colours will be brighter to the eye. Although not noticable in most tanks (has to be a tad deeper than most home aquaria) the absorbtion of light becomes more noticeable. Red is absorbed first and blue last. So as a diver, within a few meters, red is lost completely. That is also why two bulbs of the same size but different 'temperature' light more or less of the aquarium. You would see this in very large aquaria too. Thats why their water always looks quite blue in those massive tanks.
sorry, im a bit of a geek with this. I like my underwater photography while diving. >. < so if that was tmi I apologise. You just seem interested.