A Ganzfeld is a homogenized visual and auditory perceptual field which can induce altered states of consciousness (ASC; Metzger, 1929; Schmidt & Prein, 2019). Using a balanced intrasubject design, we compared participants' experience during two differently colored (red, green) 25-min Ganzfeld sessions with brown noise as acoustic stimulation. Participants were exposed to the colored visual field through commercially available goggles and to brown noise over headphones. We selected 67 participants with some prior meditation experience to increase the probability that they would engage meaningfully with this specifically restricted stimulus situation. We tested the functional components of the standard cognitive model of time perception (Zakay & Block, 1997) in a path analysis for direct (red vs. green light) and indirect effects (arousal, attention) on subjective duration and perceived passage of time. Subjective arousal and valence states were measured using the Self-Assessment Manikin (SAM). The amount of attention directed to time and the perceived passage of time were rated with standard visual analog scales (VAS). Participants also estimated the duration of each Ganzfeld exposure. The session with the red visual field lasted significantly longer than did the green session (μ_red = 23.1 min; μ_green = 19.8 min). After the green session, participants rated their arousal level to have significantly decreased; after the red session, individuals on average felt emotionally less positive. Multiple path analyses revealed that the effect of color on estimated duration is completely mediated through higher arousal levels during the red Ganzfeld session. In turn, the higher arousal level generates a longer subjective estimate of duration. For induction of relaxation in studies probing altered states of consciousness employing the Ganzfeld technique, we recommend using the green light.