While driving this morning the red brake light and the orange traction control light both lit up on the dash. At the same time, I lost cruise control and the CC indicator light began flashing.

Is this an AWD vehicle? This happened to me when my ABS sensor went out on my AWD vehicle.

We can guess at what it could mean all day, but the sure way to fond out what is going on is to take it to a shop or parts store and have them hook up their scan too (it's usually free to have them do this) and read the codes which will tell you what's wrong.

We ran the codes and they indicated a faulty oxygen sensor. While researching we saw where the cruise control is disengaged when the CEL comes on. Wondering if that is the cause for the other two lights to come on also since they don't seem related in any way to an O2 sensor issue.

That is generally the issue when those lights pop up, replace the o2 and it should clear everything up. I just wasn't going to tell you that and have you replace it and that not fix it. The sure way to know is check the codes, fix what it says is wrong and the issue will generally be resolved.