Hard vaginal lump thats bleeding on labia? what should i do about it and what could it be?

A Bartholin's cyst is a common cause of a vaginal lump but spontaneous bleeding is unusual and you should notify your gynecologist and get instructions. Apply cool compresses to curtail any continual bleeding. If signs of infection, switch to warm compresses.

Unless it rapidly goes away, this should be looked at by a gynecologist. There is insufficient information to speculate about what it might be and trying to only describe it is inadequate.