Can lipomas cause shooting lains in your arms and fingers on the sidr its on sharp pains?

Lipomas. They are benign fatty tumors which can grow into tissue surrounding them. They are not cancers, but if they are in the right spot, and grow big enough, they can push on other structures. If it happened to be a nerve or similar structure, it can definitely cause pain.
Not typically. A lipoma is a fatty tumor (literally a "lump of fat" that ain't supposed to be there). They can occur anywhere and can be quite large. They are typically painless and generally don't cause much trouble except for just being "in the way" if they're big enough or in a bad spot. They typically don't cause nervous symptoms like you're describing. This definitely needs to be checked out by your doc.