We study the radioactively-powered transients produced by accretion disk winds following a compact object merger. Starting with the outflows generated in two-dimensional hydrodynamical disk models, we use wavelength-dependent radiative transfer calculations to generate synthetic light curves and spectra. We show that the brightness and color of the resulting kilonova transients carry information about the merger physics. In the regions of the wind where neutrino irradiation raises the electron fraction to Ye > 0.25, r-process nucleosynthesis halts before producing high-opacity, complex ions (the lanthanides). The kilonova light curves thus show two distinct components: a brief (~2 day) blue optical transient produced in the outer lanthanide-free ejecta, and a longer (~10 day) infrared transient produced in the inner, lanthanide line-blanketed region. Mergers producing a longer-lived neutron star, or a more rapidly spinning black hole, have stronger neutrino irradiation, generate more lanthanide-free ejecta, and are optically brighter and bluer. At least some optical emission is produced in all disk wind models, which should enhance the detectability of electromagnetic counterparts to gravitational wave sources. However, the presence of even a small amount (10^{-4} Msun) of overlying, neutron-rich dynamical ejecta will act as a "lanthanide-curtain", obscuring the optical wind emission from certain viewing angles. Because the disk outflows have moderate velocities (~10,000 km/s), numerous resolved line features are discernible in the spectra, distinguishing disk winds from fast-moving dynamical ejecta, and offering a potential diagnostic of the detailed composition of freshly produced r-process material.