How about this?

ImageMultiply @@
 Table[
  ArrayPlot[RandomReal[{0, 1}, {5, 5}], ColorFunction -> (Blend[{White, color}, #] &)],
  {color, {Yellow, RGBColor[0, 0.6, 1]}}
 ]

How about this?

ImageMultiply @@
 Table[
  ArrayPlot[RandomReal[{0, 1}, {5, 5}], ColorFunction -> (Blend[{White, color}, #] &)],
  {color, {Yellow, RGBColor[0, 0.6, 1]}}
 ]

The same operation can be done on the Raster data to preserve full scalability:

gr =
  Table[
    ArrayPlot[RandomReal[{0, 1}, {5, 5}], ColorFunction -> (Blend[{White, color}, #] &)],
    {color, {Yellow, RGBColor[0, 0.6, 1]}}
  ]

Graphics[
  Raster[gr[[1, 1, 1]]*gr[[2, 1, 1]]],
  Options[gr[[1]]]
]