We present a bichromatic prism pair interferometer (BPPI) for controlling the delay between laser pulses of two different frequencies propagating collinearly in a single beam. The BPPI is especially useful when working with ultrafast laser pulses because it intrinsically allows for independent control over the second-order dispersion experienced by the differently colored pulses. We use this control to demonstrate successful precompensation for blue \left(\lambda \approx 390\text{\hspace{0.17em} nm}\right) and \text{UV}\left(\lambda \approx 260\text{\hspace{0.17em} nm}\right) pulses that pass through 2.2\text{\hspace{0.17em} cm} of dispersive material after the interferometer. The BPPI is extremely flexible and works with all frequencies from the UV to the near-infrared. We demonstrate this by describing measurements made with BPPIs configured for three different combinations of central frequencies.