To the best of my knowledge, there is no equivalent in Matplotlib, but we can get the similar result following two steps: draw points with varied colors and draw the line.
Here is a demo.

The source code,
import matplotlib.pyplot as plt
import numpy as np
from matplotlib import cm
import random
fig, ax = plt.subplots()
nrof_points = 100
x = np.linspace(0, 10, nrof_points)
y = np.sin(x)
colors = cm.rainbow(np.linspace(0, 1, nrof_points)) # generate a bunch of colors
# draw points
for idx, point in enumerate(zip(x, y)):
ax.plot(point[0], point[1], 'o', color=colors[idx], markersize=10)
# draw the line
ax.plot(x, y, 'k')
plt.grid()
plt.show()