Bismuth selenide (Bi2Se3) is a prototypical 3D topological insulator whose Dirac surface states have been extensively studied theoretically and experimentally. Surprisingly little, however, is known about the energetics and dynamics of electrons and holes within the bulk band structure of the semiconductor. We use mid-infrared femtosecond transient reflectance measurements on a single nanoflake to study the ultrafast thermalization and recombination dynamics of photoexcited electrons and holes within the extended bulk band structure over a wide energy range (0.3 to 1.2 eV). Theoretical modeling of the reflectivity spectral line shapes at 10 K demonstrates that the electrons and holes are photoexcited within a dense and cold electron gas with a Fermi level positioned well above the bottom of the lowest conduction band. Direct optical transitions from the first and the second spin-orbit split valence bands to the Fermi level above the lowest conduction band minimum are identified. The photoexcited carriers thermalize rapidly to the lattice temperature within a couple of picoseconds due to optical phonon emission and scattering with the cold electron gas. The minority carrier holes recombine with the dense electron gas within 150 ps at 10 K and 50 ps at 300 K. Such knowledge of interaction of electrons and holes within the bulk band structure provides a foundation for understanding how such states interact dynamically with the topologically protected Dirac surface states.