A three‐terminal version of a light emitting device, a bias induced color‐tunable emitter (BICE), is reported. The three‐terminal BICE is a multiwavelength semiconductor light emitter in which the emission wavelength is determined by an applied voltage, while the emission intensity is modulated by an applied current (no optical pumping employed). Device operation is based on the bias dependent injection and collection of electrons and holes in quantum wells. In this letter, three‐terminal dual wavelength BICE functionality is demonstrated. The device exhibits coaxial optical output, a large separation of emitted wavelengths (≊570 Å), low operational voltages and currents, and high emission contrast ratios of 159:1 and 1:76 at 77 K.