Jose Pekerman's side fought back from two goals down inside 28 minutes to claim their maiden victory over France and seal their first back-to-back wins since last March.
James claimed two assists to help his side to their memorable triumph but insisted that good performances mean nothing if they cannot continue their form at the World Cup.
"It was a good win. France are a tough opponent. They're among the options for the World Cup," the Bayern Munich man told Gol Caracol.
"We can't get carried away. We've still got a lot missing. It's important to be good in June. But it's a good victory.
"We were relaxed. We all knew clearly we were doing well in the game. We played a bad game in the first 20 minutes but we have players of a high level to play against these national teams. We shouldn't be afraid of anyone."
Falcao was delighted with the result but encouraged his team-mates to keep looking to improve before they begin their World Cup campaign against Japan on June 19.
"The result is what we were looking for," said the Monaco striker. "It's historic. It's the first time we've beaten France here.
FT France 2-3 Colombia— FIFA World Cup (@FIFAWorldCup) March 23, 2018
Los Cafeteros come from two goals behind to defeat France for the first time in their history pic.twitter.com/sFOtJwKEks
"It's important for us because we are consolidating ourselves, but we have to think it's nothing. We have to keep going with a lot of balance, because the World Cup is the goal."
Colombia return to the pitch Tuesday with a match against Australia at Craven Cottage in London.