My cat pooped something orange and carrot-like. Should I worry?

That definitely looks like a carrot, but there's no possibility of it being one. I can't tell exactly what it is from the picture, but these well-preserved colorful objects are usually made of something like plastic, rubber, or cloth material.

In this case I would be worried about Milo eating things he shouldn't, because this can lead to dangerous blockages.

The objects are not concerning of a parasite, or other harmful condition, so I wouldn't be too worried about it right now; as long as Milo is otherwise acting normal.

In order to get an accurate identification of the object, you would have to take this poo sample to your vet. They will be able to inspect it closer and give you a much better answer.

I hope that at-least helps some and all is well with Milo.