Vapor pressure refers to the pressure exerted by the vapor phase in thermodynamic equilibrium with either its liquid or solid phase. An important class of active matter is field-driven colloids. A suspension of dipolar colloids placed in a high-frequency rotating magnetic field undergoes a nonequilibrium phase transition into a dilute and dense phase, akin to liquid–vapor coexistence in a simple fluid. Here, we compute the vapor pressure of this colloidal fluid. The number of particles that exist as the dilute bulk phase versus condensed cluster phases can be directly visualized. An exponential relationship between vapor pressure and effective temperature is determined as a function of applied field strength, analogous to the thermodynamic expression between vapor pressure and temperature found for pure liquids. Additionally, we demonstrate the applicability of Kelvin’s equation to this field-driven system. In principle, this appears to be in conflict with macroscopic thermodynamic assumptions due to the nonequilibrium and discrete nature of this colloidal system. However, the curvature of the vapor–liquid interface provides a mechanical equilibrium characterized by interfacial tension that connects the condensed clusters observed with these active fluids to classical colligative fluid properties.