Light-field cameras have now become available in both consumer and industrial applications, and recent papers have demonstrated practical algorithms for depth recovery from a passive single-shot capture. However, current light-field depth estimation methods are designed for Lambertian objects and fail or degrade for glossy or specular surfaces. The standard Lambertian photoconsistency measure considers the variance of different views, effectively enforcing point-consistency, i.e., that all views map to the same point in RGB space. This variance or point-consistency condition is a poor metric for glossy surfaces. In this paper, we present a novel theory of the relationship between light-field data and reflectance from the dichromatic model. We present a physically-based and practical method to estimate the light source color and separate specularity. We present a new photo consistency metric, line-consistency, which represents how viewpoint changes affect specular points. We then show how the new metric can be used in combination with the standard Lambertian variance or point-consistency measure to give us results that are robust against scenes with glossy surfaces. With our analysis, we can also robustly estimate multiple light source colors and remove the specular component from glossy objects. We show that our method outperforms current state-of-the-art specular removal and depth estimation algorithms in multiple real world scenarios using the consumer Lytro and Lytro Illum light field cameras.