If you are male and shave your face it could simply be an ingrown hair that is continuing to grow longer, resulting in the increasing size of the protrusion.
From the symptoms it can be a boil, cyst or some benign skin growth. A sebaceous cyst is a closed sac occurring just under the skin which contains a "pasty" or "cheesy" looking substance called keratin. They may occur anywhere on body but scalp, ears, back, face, and upper arm, are common sites for sebaceous cysts. Blocked sebaceous glands, swollen hair follicles and excessive testosterone production will cause such cysts.
Generally no treatment is required but they become painful then it means they are infected, Then surgical excision by traditional wide excision, minimal excision, and punch biopsy excision may be required.
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 and please do keep me posted on how you are doing.