I have found a lump on my private parts it does not hurt but im worried as when I squeeze it water comes out?

Not normal. Fluid filled sacs are generally called cysts and they can show up in many places. The skin around the vagina has sweat glands and mucus secreting glands which can get clogged and swell up. You can also develop cysts in the vagina or attached to the urethra (the tube that drains urine out of your bladder) which could cause these types of findings. You should be seen by a physician for evaluation.
PRIVATE PART LUMP. See your general physician. Or a dermatologist or urologist.