An imaging system may include a dual-band image sensor that captures visible and near-infrared light and image processing circuitry that performs color corrections on images captured by the dual-band image sensor. The image processing circuitry may analyze each captured image in two different color spaces to determine what type of light source lit each image. The image processing circuitry may determine whether an image was lit by a light source having a relatively high proportion of near-infrared emissions such as an incandescent light, a light source having a relatively low proportion of near-infrared emissions such as a fluorescent light, or a light source having an intermediate proportion of near-infrared emissions such as sunlight or other blackbody radiator. After determining what type of light source lit an image, the image processing circuitry may adjust color balances in that image using a color correction matrix associated with that type of light source.