I have a lump bwtn the folds of skin outside my vagina arnd the labia area. It's pea-sized, tender, red and soft. Is it serious? How to get rid of it?

Cyst. Usually this is a Bartholins Gland cyst. Often these become infected. It often is an type of localized boil or abscess under the skin. Could also be another type cyst thats infected Recommend you see your OB/GYN Dr. for this or some family doctors would handle this.
Infected cyst? The most common cause of what you describe is called a Bartholin's gland cyst, which can become infected. It's not serious, but can be very bothersome. Antibiotics can often get rid of it. In more advanced cases, drainage of the cyst may be needed.