A boat is approaching you head on.
The red and green lights are sidelights that are positioned on the port side (red) (left as facing the bow) and starboard (green) (right as facing the bow) side of the boat. Various white lights are required depending on the size of the boat, but generally, a white masthead light and stern light are required. See the US Coast Guard site in the link below for more specific information.
Hope this helps
