Yes, you can pull a fifth wheel with a Chevy Colorado. Colorado has a towing capacity of 7,700 pounds, so it should be able to handle most fifth wheels.
You will need to make sure that your vehicle is properly equipped for towing, and you may need to purchase some additional equipment, such as a weight-distributing hitch. As always, you should consult your owner’s manual and your local Chevrolet dealer for more information.