We report the experimental observation of strong two-color optical nonlinearity in an ultracold gas of $^{85}mathrm{Rb}$-$^{87}mathrm{Rb}$ atom mixture. By simultaneously coupling two probe transitions of $^{85}$Rb and $^{87}$Rb atoms to Rydberg states in electromagnetically induced transparency (EIT) configurations, we observe significant suppression of the transparency resonance for one probe field when the second probe field is detuned at $sim1~mathrm{GHz}$ and hitting the EIT resonance of the other isotope. Such a cross-absorption modulation to the beam propagation dynamics can be described by two coupled nonlinear wave equations we develope. We further demonstrate that the two-color optical nonlinearity can be tuned by varying the density ratio of different atomic isotopes, which highlights its potential for exploring strongly interacting multi-component fluids of light.