We present revised infrared (2.2 micron) astrometry of the field containing the Galactic microquasar GRS 1758-258, using observations at the Keck I 10-m telescope. We find three candidates for the microquasar within a 3 sigma error circle, but none within 2 sigma. We show that if the 18.4 day X-ray period of GRS 1758-258 is due to a binary orbit, then only one of the three candidates, an early K-type giant, is large enough to power the microquasar via Roche lobe overflow. We therefore identify this star as the infrared counterpart of GRS 1758-258, which we classify as a low mass X-ray binary. Long term infrared monitoring of this source should provide further information about the microquasar system, including a confirmation of the X-ray period and an estimate of the compact object's mass. Comment: 4 pages, 2 figures; accepted for publication in ApJ Letters