If you feel the area, where the normal muscle feels firm when you feel this bit does it feel softer? kind of squidgy?
I have had that a few times on large muscles and found it is often from a kick, fall or excessive strain on the muscle where the muscle fibres tear/over-stretch - hense why they bulge a bit and are softer to touch.
I normally treat this with some rest and bute if need be, then start using a muscle rub (I like Tendonil for this) and gently massage over the area to encourage any fluids to drain and healing to happen, I then start slow easy work (so long as they are sound) to help regain the elasticity in the muscle. The lump often takes quite some time to go down but generally after about 4-6 weeks it does, well with all the ones I have delt with it has.
Having said that my friends horse had this as a baby and he was left untreated and turned out, he is now 5 and this soft lump is still there.