My Google searches resulted in countless recommendations to create a custom copy of the field.tpl.php template. Editing templates is fine, but for this use case that seems a bit heavy-handed.
Here are the steps:
- Enable Display Suite Extras
- Select the “Enable Field Templates” checkbox at admin/structure/ds/list/extras
- On the same page set the “Default Field Template” to either “Minimal” or “Expert”
- Now when you configure your field under “Manage Display” for the content type, you will see a “Hide label colon” option.
- Using the “Expert” template will provide even more options.