Final answer:
Ralph Bunche won the Nobel Peace Prize for mediating armistice agreements during the 1948 Arab-Israeli War, becoming the first person of color to receive the award.
Step-by-step explanation:
Ralph Bunche was awarded the Nobel Peace Prize for his exceptional work in mediating international conflicts, particularly his role in negotiating armistice agreements during the 1948 Arab-Israeli War. Bunche, serving as a mediator for the United Nations, was influential in achieving a ceasefire and subsequent armistice agreements between Israel and the Arab states, which was a significant step towards peace in a tumultuous region. As such, he became the first person of color to receive this prestigious award, marking a significant moment in Nobel history.