Literally, Rakht Charitra would mean Red character, or Blood Character.
In Hindi/Sanskrit, Rakt or Rakta is used for two words, the color red, and blood. Hence, Rakta Charitra would mean Red Character or Blood Character literally but end of the day both the things would indicate the same thing, a person who is involved with things related to blood, life-death-murders etc, as some people say, a History in Blood.