Quantum error correction enables scalable fault-tolerant quantum computation by suppressing logical errors exponentially with code distance once physical error rates fall below a critical threshold. Here we demonstrate below-threshold operation of triangular color codes with distances d=3,5, and 7 on Quantinuum's Helios trapped-ion quantum processor. Leveraging both circuit- and hardware- level leakage reduction schemes, we achieve logical error rates as low as 5₋₂⁺⁴× 10⁻⁶, and demonstrate error suppression by over an order of magnitude, Λ=12₋₂⁺³, with each successive increase in code distance. Moreover, we demonstrate below threshold scaling of error rates for Clifford two-qubit randomized benchmarking circuits when encoded in d=3,5 color codes, achieving logical error rate of 7⁺³₋₃× 10⁻⁵ per logical two-qubit Clifford at distance 5 with a suppression factor of Λ=9₋₃⁺⁸. We compare logical performance for existing near-optimal algorithmic decoders, and both convolutional neural network and transformer-based neural network decoders capable of real-time decoding an order of magnitude faster than the syndrome extraction rate. These results approach the logical error rates required for megaquop-scale quantum computation and indicate that scaled trapped-ion processors could reach application-relevant performance with substantially smaller code blocks than indicated by previous results in other qubit modalities.