Lasing relies on light amplification in the active medium of an optical resonator. There are three lasing regimes in the emission from a quantum well coupled to a semiconductor microcavity. Polariton lasing in the strong light–matter coupling regime arises from the stimulated scattering of exciton-polaritons. Photon lasing in the weak coupling regime relies on either of two mechanisms: the stimulated recombination of excitons, or of an electron–hole plasma. So far, only one or two out of these three regimes have been reported for a given structure, independently of the material system studied. Here, we report on all three lasing regimes and provide evidence for a three-threshold behavior in the emission from a photonic trap in a Se/Te-based planar microcavity comprising a single CdSe/(Cd,Mg)Se quantum well. Our work establishes the so far unsettled relation between lasing regimes that differ by their light-matter coupling strength and degree of electron–hole Coulomb correlation.