Soft and rounded. It would be a rubbery soft, rounded lump under the skin. They often feel like they move around underneath the skin too.
Squishy. Lipomas can be very small or very large. When they're small they may not be visible but can be felt when you run a hand firmly over the area. Larger ones can be obvious, like a lump under the skin. They often are somewhat squishy or compressible and irregular in shape. They usually aren't painful, but this depends on size, location, and associated blood vessels and nerves.