It could be any number of things.
It could be fatty build-ups called lipomas, which sit just below the skin. These are harmless and quite common. But it could also be a cyst, or any number of abnormal growths.
Bottom line is, chances you will not be able to treat this on your own. There is a fairly good chance this will develop into a larger problem. You should see your local health care professional and seek advice and treatment. This is not something you should wait around and do either.
Justin