Hi,
Welcome to the ehealthforum and I am really glad to help you out. In view of the symptoms & signs you have described, the 3 likely possibilities are a lipoma, a swollen lymph node or a sebaceous cyst. A lipoma is a benign tumor of fat cells present just beneath the skin. A sebaceous cyst is a type of cyst that forms in the epidermis, the outermost layer of the skin.
Sebaceous cysts are common, noncancerous, and are generally not a serious condition. The lymph nodes can be enlarged due to any infection but they are usually painful & tender. If it is cosmetically unpleasant or if the bump is associated with any pain then get it evaluated from a dermatologist.
I must admit it is very difficult to precisely confirm a diagnosis without examination and investigations and the answer is based on the medical information provided. For exact diagnosis, you are requested to consult your doctor. I sincerely hope that helps. Take care.