Red raised bubble in my 5 year olds white part of the eye.?

Warrants check up: It's hard to tell what eye structure is involved based on your description, but i would take your 5 year old to his/her doctor to evaluate it.

See an eye doctor: There are several causes for elevated skin on the white of the eye. The most common condition is a cyst - a fluid-filled "sac" under the skin that can arise from a previous scratch on the eye, eye rubbing, allergies or other causes. Firm cysts can be present from birth and should be evaluated. The vast majority of these are benign, but it should be evaluated by an eye doctor.