Recent XMM-Newton and Chandra observations of the high mass X-ray binary LS 5039 / RX J1826.2-1450 caught the source in a faint X-ray state. In contrast with previous RXTE observations, we fail to detect any evidence of iron line emission. We also fail to detect X-ray pulsations. The X-ray spectrum can be well fitted by a simple powerlaw, slightly harder than in previous observations, and does not require the presence of any additional disk or blackbody component. XMM-Newton data imply an X-ray photoelectric absorption ($N_{rm H} sim 7 times 10^{21}$ cm$^{-2}$) consistent with optical reddening, indicating that no strong local absorption occurs at the time of these observations. We discuss possible source emission mechanisms and hypotheses on the nature of the compact object, giving particular emphasis to the young pulsar scenario.
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