The scenario where two objects have equal masses, but one has greater kinetic energy than the other is explained by their speeds. The kinetic energy (KE) of an object is given by the formula:
\[ KE = \frac{1}{2} mv^2 \]
where \( m \) is the mass of the object and \( v \) is its velocity (speed). Since both objects have equal masses, the only way for one object to have greater kinetic energy is for it to have a greater speed.
Therefore, the correct option is:
One object has a greater speed than the other object.
The other factors listed (volume, color, density) do not directly affect kinetic energy in the context of the information provided.