What does it mean if theres a itchy red thing bump on your penis?

Here are some ...: Where this itchy bump located, on or beneath the skin of penile shaft or in foreskin / glans penis? If in penile shaft, it may be just an infected hyperactive sebaceous gland or sebaceous cyst; if in foreskin/glans penis, it may be related with long tight foreskin with infection or inflammation. But, without a direct look & palpation, an accurate Dx is hard to come by. So, see Doc timely.