Context. Kinematically decoupled cores (KDCs) are often found in the centers of early-type galaxies. Aims. We aim to investigate the kinematics, structure, and stellar populations of the KDC residing in the early-type galaxy NGC 4494 to understand its formation. Methods. We used long-slit spectroscopic data obtained with the FORS2 instrument on the VLT to measure the stellar kinematics and stellar populations. We performed a spectroscopic decomposition to disentangle the properties of the KDC from those of the host galaxy and construct models of the observed rotation curve. Results. The rotation curve is characterized by two symmetric dips at |R| = 6 '', where the rotation velocity drops to zero. Contrary to previous studies that explained the decoupled structure as a rapidly co-rotating disk, our analysis clearly shows that it is a counter-rotating component. A counter-rotating core is indeed needed to reproduce the observed dip in the velocity curve. The properties of the stellar populations of the decoupled core and the main galaxy are very similar: old stars (12-13 Gyr) with slightly super-solar metallicities (0 < [Z/H]< 0.15 dex) and alpha-enhanced (0 < [alpha/Fe]< 0.15 dex). Conclusions. Our results indicate that the counter-rotating component is a disk of about 1 kpc in diameter that is obscured by dust in the central 0.12 kpc. The properties of its stellar populations suggest that it formed from the same material as the main stellar body of the host galaxy. This could have happened via internal processes such as the precession of a pre-existing rotating core, or, alternatively, via gas accretion in retrograde orbits followed by star formation. In the latter scenario, the accretion event occurred almost simultaneously with the formation of the galaxy, using material that had the same composition as the gas from which the stars in the main body of the galaxy were formed. C1 [Coccato, L.] European Southern Observ, Karl Schwarzschild Str 2, D-85748 Garching, Germany. [Morelli, L.] Univ Atacama, Inst Astron & Ciencias Planetarias, Ave Copayapu 485, Copiapo 1530000, Atacama, Chile. [Pizzella, A.; Corsini, E. M.] Univ Padua, Dipartimento Fis & Astron G Galilei, Vicolo Osservatorio 3, I-35122 Padua, Italy. [Pizzella, A.; Corsini, E. M.] INAF, Osservatorio Astron Padova, Vicolo Osservatorio 5, I-35122 Padua, Italy. [Cuomo, V.] Univ Serena, Dept Astron, Av Raul Bitran 1305, La Serena, Chile. C3 European Southern Observatory; Universidad de Atacama; University of Padua; University of Padua; Istituto Nazionale Astrofisica (INAF); Universidad de La Serena