Hello Dear and thanks for the query
The bump seem to be a kind of infection. Usually there is a small infection near nipple which causes itching and tingling
. Consult your doctor and get clinically examined and if needed a course of antibiotic is given if your doctor feels that it is a infection. Else you need to be investigated for the other causes of lump like cyst
Just relax you mind and get yourself checked by your gynecologist.