These visual receptors are able to detect color via wavelength. They are highly concentrated in the fovea, which means they have high visual acuity. Unlike rods, cones do not adapt well in low-light environments, as they need light in order to break down photopigments.
Cones are specified by what wavelength they detect, and not color.
For example: Short cones detect the color blue, and long cones detect red.