Spectral imaging has many applications, from methane detection using satellites to disease detection on crops. However, spectral cameras remain a costly solution ranging from 10 thousand to 100 thousand euros for the hardware alone. Here, we present a low-cost multispectral camera (LC-MSC) with 64 LEDs in eight different colors and a monochrome camera with a hardware cost of 340 euros. Our prototype reproduces spectra accurately when compared to a reference spectrometer to within the spectral width of the LEDs used and the ±1$\sigma$ variation over the surface of ceramic reference tiles. The mean absolute difference in reflectance is an overestimate of 0.03 for the LC-MSC as compared to a spectrometer, due to the spectral shape of the tiles. In environmental light levels of 0.5 W m⁻² (bright artificial indoor lighting) our approach shows an increase in noise, but still faithfully reproduces discrete reflectance spectra over 400 nm–1000 nm. Our approach is limited in its application by LED bandwidth and availability of specific LED wavelengths. However, unlike with conventional spectral cameras, the pixel pitch of the camera itself is not limited, providing higher image resolution than typical high-end multi- and hyperspectral cameras. For sample conditions where LED illumination bands provide suitable spectral information, our LC-MSC is an interesting low-cost alternative approach to spectral imaging.