I have this red and white bump on my water eye led what is it?

Pinguecula: Sounds like a pinguecula, which is a deposit/build up on the white part of the eye (sclera) due to uv light and dryness of the eyes. You can use artificial tears, and use a cap and/or sunglasses when outdoors. Sometimes you do not notice them until there is inflammation causing a red background making the white spot(s) more noticeable.

Need to see it: There could be several possibilities. Does it hurt/itch? Is your vision affected? When did it start and is it growing or changing? Need more info to diagnose properly.