It seems that you are having sebaceous cyst..also called epithelioid cyst
. It is a benign and harmless condition. It contains cheesy material...that may be removed by squeezing. Some time it may be infected, then you take antibiotics with anti inflammatory drugs.
You consult dermatologist
. After few blood tests you may go for minor surgery. The cyst may be excised under local anaesthesia. And it is a simple OPD procedure.
I hope you got my answer.
Dr. Ilyas Patel MD