Hello,
The painless lump that you are having seems like a sebaceous cyst. 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.
I hope it helps. Take care and please do keep me posted in case you have any additional doubts. Kind regards.
P.S. i don't know for sure if it is a fordyce spot. I've seen the pictures, and they look really small, and there are a whole bunch of them.
I only have 1 bump. and its bigger than the fordyce spots. it just looks like a clear pimple.
Could it be a cyst??