When you say you exercise; what is it you do? Do you lift weights? Or do you mean you're generally active? Or do you do cardio?
Personally I think you should find out your actual body composition and body fat percent, so you can find out if you're in a healthy range. The most accurate way to do that is via a DXA scan (also known as a DEXA scan), but you can also get a fat pinch test done at the gym.
If you are in a healthy body fat range, and if you actually do have a lot of lean mass, it would probably NOT be a good idea to lose fat. However, you can lose some lean mass and tone the lean mass you have in order to look thinner if that's the only reason you want to lose weight.
However, it's possible you're built kind of like me... I weighed 180 through my teens (granted, I'm 5'10) and I would say I was lean at the time. I gain my weight in my thighs and bum and breasts, and have a light coating everywhere else like a swimmer (with broad shoulders to match)... If you are similar in shape, then it's possible you hide fat very well... which can look good, but isn't necessary a good thing if it makes you complacent about gaining weight (like me!).
Anyway, examine the reasons you want to lose weight. BMI is not a good indicator of health in people who have a lot of muscle mass, so if health is your aim, I would look in the direction of body fat measurements. But if it's for aesthetic reasons, yeah, you might have to lose some muscle, in which case I would suggest using lighter weights, focussing on the areas you want to sculpt, and maybe finding a personal trainer to help you with that (even just for one session to get you started).
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