Context. While the sources of X-ray and radio emission in the different states of low-mass X-ray binaries are relatively well understood, the origin of the near-infrared (NIR) and optical emission is more often debated. It is likely that the NIR/optical flux originates from an amalgam of different emission regions, because it occurs at the intersecting wavelengths of multiple processes. Aims. We aim to identify the NIR/optical emission region(s) of one such low-mass X-ray binary and black hole candidate, XTE J1650−500, via photometric, timing, and spectral analyses. Methods. We present unique NIR/optical images and spectra, obtained with the ESO-New Technology Telescope, during the peak of the 2001 outburst of XTE J1650−...