Public Class Form1
    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As _
      System.EventArgs) Handles MyBase.Load
        ListView1.SetBounds(10, 10, 120, 200)
        ListView1.View = View.Details
        ListView1.FullRowSelect = True
        ListView1.Columns.Add("Farbendemo", 100)
        For i As Int32 = 0 To 20
            ListView1.Items.Add("TestString")
            If i Mod 2 > 0 Then                                  ' oder die 
            ' Farbe nach deinem Text setzen
                ListView1.Items(i).BackColor = Color.Red
            Else
                ListView1.Items(i).BackColor = Color.GreenYellow
            End If
        Next
    End Sub
End Class