Hello, hope you are doing well.
Your concerns and the photo shared by you are most likely suggesting a Mucocele (a pouch filled with saliva) which is usually caused by any trauma caused to the lower or upper lip. The inner part of our lips have many small minor salivary glands which when get injured can form a cyst filled with saliva. Though it is not that alarming still it needs proper attention and care. The picture given you is suggestive of a smaller mucocele but since you are also complaining of pain, it can also be suggestive of infection of the mucocele. Therefore it will be better to consult an Oral and Maxillofacial Surgeon (as they specialise in this field) near you as soon as possible. Till then if you need any pain management then you can consult an oral and maxillofacial surgeon or dentist online.
Next Steps
Visit an Oral and Maxillofacial Surgeon as soon as possible.
Health Tips
Avoid biting over the bump or causing any other trauma. Be careful while brushing.