What would cause a new lump on my penis?

HPV, condyloma: Without a picture, i can't say for sure, but a common problem is penile warts caused by the hpv virus. For men, the warts are unsightly, but usually harmless. But, the female can get hpv from a man with penile warts which may lead to cervical cancer. Time for you to call your doctor.

Bump on penis: This is one of those in which is better to see, then we'll ask question. See a doctor.