I have this bump on my labia it's itchy and it really bothers me it hurts when I touch or rub it against things it doesn't sting when I go see or anything but it really scares me so I would like to know if this is something to be worried about

Your pic is not too clear but it looks like an infected Fordyce gland. Possibly full of pus. Try sitting in a warm bath. It should come to a head and then discharge. Do not squeeze it…you will spread the infection.
They can be brought on by rubbing on nylon/polyester pants. Try to only wear cotton pants…and no pants at night. No thongs either…they are the worst.
It may get quite big before it discharges, so if it becomes very uncomfortable you should see your doctor.