I have a large bump on my arm it hurts and there is a red streak going down my arm. It's warmer then the rest of arm, is this something to worry about?

Yes. You need to contact your primary care provider. You may have an ingrown pair or some other lesion that needs attention.
Go in. The streaks can imply rapid spread through lymphatic vessels. You probably need antibiotics, possibly by iv. Prompt treatment is important, preferably within 24 hours. Do not delay. The doctor will often draw a line along the edge of the redness to follow spread, like a growth chart.
Infection. Please see your doc about possible infection. Red streaks are concerning. Hope you're feeling better soon!