When you combine cool, calming light blue with hot bright red, the result is almost always complimentary. Here are some examples of the combo working together in some beautiful rooms:
My particular favorite is when the blue tends toward the lightness of a robin's egg and the red tends toward a very saturated tomato orange.
See more of this pairing in some close-up vignettes at Apartment Therapy Chicago's Color Combo: Deep Red and Light Blue.
Images: Sally Conran, Waterleaf Interiors, Decor Pad, Krista Ewart, Massucco Warner Miller