Ocean color is the radiance that emanates from the ocean because of scattering by chlorophyll pigments and particles of organic and inorganic origin. Air bubbles in the ocean also scatter light and thus contribute to the water-leaving radiance. This additional water-leaving radiance that is due to oceanic air bubbles could violate the black pixel assumption at near-infrared wavelengths and be attributed to chlorophyll in the visible. Hence, the accuracy of the atmospheric correction required for the retrieval of ocean color from satellite measurements is impaired. A comprehensive radiative transfer code for the coupled atmosphere--ocean system is employed to assess the effect of oceanic air bubbles on atmospheric correction of ocean color imagery. This effect is found to depend on the wavelength-dependent optical properties of oceanic air bubbles as well as atmospheric aerosols.