Hey WAZup,
Nice to meet you.
This sounds like it could just be normal vein expansion, veins can appear quite bumpy, If you grip below the point of the lump when you have an erection does it come up? That would be a vein.
Its possible that you could have created a (or exploited an existing) weakening in the vein wall and that it has expanded slightly. The next step is then a breach, a patch of discoloration and some coagulated blood.
If there is a hard lump you may have reached this stage already (or have a thrombosis entirely internal to the vein) in either case take a week of and do massages and hot wraps, it should gradually disappear.
As you are new do I assume you have little jelqing experience? If so be very aware of pushing to fast too quickly. The first couple of months the penis changes a great deal from jelqing, it becomes better able to cope with the intense pressure involved.
The other thing to bear in mind is we start looking harder at our penis when we start jelqing and the normal can easily seem abnormal.
Hope that helps.