The layer's renderer can be accessed through IGeoFeatureLayer.Renderer.
At this point, it depends on which type of renderer the layer uses, e.g. whether it is a simple renderer, unique values renderer, or something else. For list of common renderers, take a look at which classes implement the IFeatureRenderer interface.
For example, if the layer uses simple renderer, you will change the color by assigning a new symbol through ISimpleRenderer.Symbol. The general symbol type (marker symbol, line symbol, fill symbol) is determined by the type of layer's geometry.
This sample code assumes a simple renderer assigned to a point layer (C#):
var renderer = (IGeoFeatureLayer)layer;
var simpleRender = renderer as ISimpleRenderer;
if (simpleRenderer == null) return; // not a simple renderer
var symbol = simpleRenderer.Symbol;
var markerSymbol = symbol as IMarkerSymbol;
if (markerSymbol == null) return; // not a marker symbol, layer's geometry type is not point
markerSymbol.Color = new RgbColorClass { Red = 255, Green = 0, Blue = 0 }; // change to red
simpleRenderer.Symbol = symbol; // assign back to the renderer
activeView.PartialRefresh(esriViewDrawPhase.esriViewGeography, layer, null); // refresh the layer
// alternatively, do a full refresh
// activeView.Refresh();
// when in ArcMap, update the TOC view to reflect new symbology
mxDocument.UpdateContents();