The colors were chosen to both reflect Mexico's national identity and to make a unique color scheme in the NBA, as no other team in the league wears green and red together (and the only major North American sports team to wear these two colors is the Minnesota Wild, who have a much darker color scheme).
The font used in the wordmark is Legend M54.
(Note: The jersey has a typo because "Aquilas" was the original name, I changed the wordmark image to match a proper Spanish translation)