  We report our discovery of the likely near-infrared counterpart to the
anomalous X-ray pulsar (AXP) 1E1048.1-5937, using observations from the 6.5-m
Baade (Magellan-I) telescope in Chile. We derived a precise position for the
X-ray source using archival data from the Chandra X-Ray Observatory. This
position is inconsistent with a position reported earlier from XMM-Newton, but
we show that the originally reported XMM-Newton position suffered from attitude
reconstruction problems. Only two of the infrared objects in a 17 arcsec x 17
arcsec field containing the target have unusual colors, and one of these has
colors consistent with those of the identified counterparts of two other AXPs.
The latter object is also the only source detected within the 0.6 arcsec
Chandra error circle, and we identify it as the counterpart to 1E1048.1-5937.
This is the first AXP counterpart detected in multiple infrared bands, with
magnitudes J=21.7(3), H=20.8(3), and K=19.4(3). There is marginal evidence for
spectral flattening at longer wavelengths.
