Hello,
This kind of bump can be due to a small cyst which is a harmless and symptomless lump on the penis. The other possibility is of a benign growth but this is less likely because it does not appear overnight. I suggest you to get an examination done from a doctor because without examination, confirmation of diagnosis cannot be done.
I sincerely hope that helps. Take care and regards.
something else that might be worth mentioning is there is no pain or irritation. It doesn't hurt when i touch it but it feels foriegn. It doesn't hurt when i urinate.