Displaying LiDAR data with RGB values in ArcGIS Desktop?

I have been able to display LiDAR data with RGB values out of aerial photos with SAFE FME and also POTREE.

Is there any way to do this with ArcGIS 10.3?

Answer

It is possible to visualize LiDAR data (as points) and corresponding RGB values within ArcScence (as long as the .las files contain such information, of course). See: Example use cases for displaying LAS datasets as points in 3D (emphasis mine):

The list below includes common examples on how you can benefit by visualizing LAS datasets as points in a 3D viewing environment like ArcScene. You can:

...
... add LAS datasets into ArcScene using standard techniques, such as the Add Data wizard or drag and drop from the Catalog window, ... . When displaying LAS datasets as points, you can use any of the LAS attributes, such as classification, intensity, and RGB color to define the point symbology.

Outside of ArcGIS there are other options (as you already mentioned). For example, FugroViewer and Fusion.

Alternatively, as suggested by Mapperz it is possible to convert a LiDAR point cloud to raster format and visualize it accordingly. To do so, use the LAS dataset To Raster tool and select the optional parameter value_field equal to RGB.

But, be aware that when converting a point cloud to raster there will be some loss of information because pixels representing more than one point will have a unique RGB value.