Accepted in A&A 11 pages, 10 figures, 12 on-line material pages (= 1 table) Some figures have been replaced by jpeg versions to reduce the overall sizeWe study the Large Magellanic Cloud Papillon Nebula (N159-5), a conspicuous High Excitation Blob (HEB) lying in the star forming complex N159. Using JHK near-infrared photometry obtained at the ESO VLT with the ISAAC camera, we examine the stellar populations associated with the Papillon, tracing their history using stellar evolution models. Two populations are revealed: one composed of young, massive stars with an age ~ 3 Myr, and a second consisting of older lower mass stars of age spreading between 1 and 10 Gyr. We analyze the properties of those populations and discuss their significance ...