An electron paramagnetic resonance (EPR) study of photoexcited colloidal InP quantum dots (QD) shows the formation of electron and hole adducts. An EPR signal at g = 0.58 is assigned to a nonradiative hole trap that does not form immediately upon illumination, but forms only after the illuminated sample ages and becomes stabilized at room temperature; it then becomes permanent at the InP QD surface. This signal completely disappears upon electron injection into the QD from a reducing agent (sodium biphenyl). Light immediately quenches the signal at g = 0.58, and it re-forms reversibly when the light is turned off. A signal at g = 2.055 is assigned to electron surface traps, and it appears in nonetched QD samples; it completely disappears after etching with HF. A signal at g = 2.001 has a very narrow line width and is assigned to delocalized mobile holes that are located in the QD core. A defect model for InP QDs is proposed based on the EPR results reported here plus results from optically detected magnetic resonance experiments reported separately.