How do I have multiple cameras that have a black and white view in one while the other shows a color at a certain time on a certain object?

In my project, I'm wanting to have a black and white scene, but have the tank shoot bullets that explode into a color, but only have the explosion have color and nothing else. I'm not really sure how to go about this problem. I was told that multiple camera rendering was a good place to start, but I'm not sure how to entirely do it.