grechian,
If it is an exostosis (bump of bone), it is possible to take it off. However, most surgeons will recommend that they be left alone, if they are not bothering you or in a conspicuous spot.
It would entail reflection the soft tissue off the bone, then using a chisel and hammer, the bone is carefully knocked off (just like a bump on a log). The soft tissue is replaced over the area and closed. So, you trade a scar for the bump.
But, yes, it is possible to remove exostoses.
Good luck.