Treasure Chests are among the best places to find the rarest loot. Chests have a better chance of containing loot than your average bad guy.
The colors indicate the rarity of an item.
The color scale from least rare to most rare goes:
White (Common)
Green (Uncommon)
Blue (Rare)
Purple (Epic)
Pink/Magenta (E-Tech)
Orange (Legendary)
