What exactly are penile pearls and should I be scared?

Pearly Penile Papule. Penile pearls are glands found in the skin of the penis. They are sometimes bumpy looking and so people can sometimes mistake them for warts or molluscum contagiosum. They are usually found on the penis where the shaft meets the glans penis (head). If you are uncertain about them, have a dermatologist look at them.