RealFlow | Cinema 4D's fluid particles can be rendered with the standard "Hair Material". Once the RealFlow fluid has been converted into Thinking Particles, the workflow is the same as with Cinema 4D's built-in particle system.
Render from a hair material attached to converted RealFlow fluid particles. The colors are the result of differently colored light sources.
Here are the basic steps (the complete setup can be seen in the screenshot below):
...