I'm a virgin so obviously it can't be an STD. The lump is on my right side of my upper shaft and only hurts when I press on it. When I bring it up closer to the skin surface, I can see that it's white. It's not very big probably a little smaller than a pea. I do masturbate probably around 2 times a day.

Don't press on it.

Masturbate twice a day? That seems a little much, don't you think? Maybe it's a callous!
If it doesn't go away in a couple of weeks, I would see a doctor.