It's difficult to say without seeing the lesion myself.
Warts certainly are possible, and if present, freezing treatment may be considered.
Other causes would be an allergic reaction, or irritation caused by a dermatitis. If this is the case, steroid creams may help.
But before determining the next step, a dermatology referral is recommended.
This answer is not intended as and does not substitute for medical advice - the information presented is for patient education only. Please see your personal physician for further evaluation of your individual case.
Kevin Pho, M.D.
KevinMD.com
Twitter.com/kevinmd