Atherosclerotic plaques form in artery walls due to a chronic inflammatory response driven by lipid accumulation. A key component of the inflammatory response is the interaction between monocyte-derived macrophages and extracellular lipid. Although concentrations of low-density lipoprotein (LDL) and high-density lipoprotein (HDL) particles in the blood are known to affect plaque progression, their impact on the lipid load of plaque macrophages remains unexplored. In this paper, we develop a lipid-structured mathematical model to investigate the impact of blood LDL/HDL levels on plaque composition, and lipid distribution in plaque macrophages. A reduced subsystem, derived by summing the equations of the full model, describes the dynamics of biophysical quantities relating to plaque composition (e.g. total number of macrophages, total amount of intracellular lipid). We also derive a continuum approximation of the model to facilitate analysis of the macrophage lipid distribution. The results, which include time-dependent numerical solutions and asymptotic analysis of the unique steady state solution, indicate that plaque lipid content is sensitive to the influx of LDL relative to HDL capacity. The macrophage lipid distribution evolves in a wave-like manner towards an equilibrium profile which may be monotone decreasing, quasi-uniform or unimodal, attaining its maximum value at a non-zero lipid level. Our model also reveals that macrophage uptake may be severely impaired by lipid accumulation. We conclude that lipid accumulation in plaque macrophages may serve as a partial explanation for the defective uptake of apoptotic cells (efferocytosis) often reported in atherosclerotic plaques.