First information on the timelike electromagnetic structure of baryons in the second resonance region has been obtained from measurements of invariant mass and angular distributions in the quasi-free reaction π−p→nee at sπ−p = 1.49 GeV with the High Acceptance Di-Electron Spectrometer (HADES) detector at GSI using the pion beam impinging on a CH2 target. We find a total cross section σ(π−p→nee)=2.97±0.07data±0.21acc±0.31Zeffμb. Combined with the Partial Wave Analysis of the concurrently measured two-pion channel, these data sets provide a crucial test of Vector Meson Dominance (VMD) inspired models. The commonly used "strict VMD" approach strongly overestimates the e+e− yield. Instead, approaches based on a VMD amplitude vanishing at small e+e− invariant masses supplemented coherently by a direct photon amplitude provide a better agreement. A good description of the data is also obtained using a calculation of electromagnetic timelike baryon transition form factors in a covariant spectator-quark model, demonstrating the dominance of meson cloud effects. The angular distributions of e+e− pairs demonstrate the contributions of virtual photons with longitudinal polarization, in contrast to real photons. The virtual photon angular dependence supports the dominance of J=3/2, I=1/2 contributions observed in both the γ⋆n and the ππn channels