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Arancia vs. arancio vs. arancione

In Italian, the English word orange translates into three distinct words: arancia, arancio, and arancione. While they all relate to the same concept, they are not interchangeable as they refer specifically to the fruit, the tree, and the color.

Arancia

A1
This is a feminine noun that refers to the orange fruit. The plural form is arance.
Vorrei una spremuta d'arancia fresca, per favore.
(I would like a fresh orange juice, please.)
Questa arancia è molto dolce e succosa.
(This orange is very sweet and juicy.)
Ho comprato un chilo di arance rosse al mercato.
(I bought a kilo of blood oranges at the market.)
La marmellata di arance è perfetta per la colazione.
(Orange marmalade is perfect for breakfast.)

Arancio

B1
This is a masculine noun that refers to the orange tree. Its plural is aranci. Less commonly, it can also be used as an invariable adjective for the color orange, though arancione is standard.
Nel mio giardino c'è un arancio carico di frutti.
(In my garden, there is an orange tree heavy with fruit.)
Il profumo dei fiori d'arancio si sente in tutta la strada.
(The scent of the orange blossoms can be smelled all over the street.)
La Sicilia è famosa per i suoi vasti campi di aranci.
(Sicily is famous for its vast fields of orange trees.)
Ha scelto una tenda di una sfumatura color arancio.
(She chose a curtain of an orange hue.)

Arancione

A1
This is the primary word for the color orange. It can be used as a noun for the color itself, or as an invariable adjective, meaning it does not change its ending to agree with the gender or number of the noun it describes.
Ho comprato una bella maglietta arancione.
(I bought a beautiful orange t-shirt.)
L'arancione è il mio colore preferito dopo il blu.
(Orange is my favorite color after blue.)
Guarda quel tramonto con le sue nuvole arancione.
(Look at that sunset with its orange clouds.)
I coni di sicurezza stradale sono quasi sempre di colore arancione.
(The traffic safety cones are almost always orange in color.)
Per il segnale, useremo dei pennarelli arancione.
(For the sign, we will use some orange markers.)

Summary

In short: arancia is the fruit (feminine noun), arancio is the tree (masculine noun), and arancione is the color (used as a noun or an invariable adjective). You pick an arancia from an arancio, and both have an arancione color.