I want to replace the original colors used in the template with my own brand colors.
Absolutely. All Videobolt templates allow you to customize the colors exactly the way you want them. In order to change color, go to Customize in the editor sidebar and click the element you wish to change to open up the color palette. From there either choose a color from the palette or input the RGB, HSL, or HEX code of your desired color.
You can also find color combinations made by the author of the template under Themes.