You are probably referring to a "duotone" image, where the image is constructed out of shades of only two different colors (like red and white).
Photoshop has the ability to convert a greyscale image into a duotone. Simply go to the Image menu, then Mode. If not already in Greyscale, choose greyscale. If greyscale, then choose duotone and it will present you with a window to choose the appropriate tones. (For my example below I chose a dark red (something closer to black than white) and white for my two colors).
Here's my example:
This is better than the previously mentioned colorize method, as one can easily oversaturate the image with the intended color and lose detail, contrast. The Duotone is a tool specifically geared to the task you're looking to complete. Have fun!