The dielectron yield in p + d and p + p collisions at a beam kinetic energy of 4.9 GeV has been measured using the Dilepton Spectrometer (DLS) at the Bevalac. The measured ratio of the yield in p + d to that in p + p collisions, 1.92±0.06, is in disagreement with the assumptions of model calculations applied to our ealier p +Be data, where it was found that p + n bremsstrahlung dominated other sources. While the measured ratio is consistent with a hadron-like origin of the dielectrons, the contributions of known hadronic decays are smaller than the measured yield from p + p collissions.