What could this puffy bump near ankle recent sprain be?

Exact location: There are some various possibilities. This could be related to a tendon injury or the ligament damage. The exact location of this swelling will give a better idea what this may or may not be.

Probably related: It's probably soft tissue damage related to the ankle sprain, but to be on the safe side, it doesn't hurt to get re-evaluated. You may have had an undetected bone/joint injury as well.