The “lump” circled is on the dorsum of the foot. Bone spurs are usually at the base or back of the heel.
Sometimes patients with midfoot arthritis may have bone spurs on the dorsum. Have any X-rays/ scans been done? Management will depend on the size/ depth and symptoms of the lump.
I would have to examine your foot, see the X-rays/ scans, and then decide. Management can be conservative or surgical, depending on several factors. It would be best to seek an opinion from an Orthopaedic surgeon.
Kind regards
Dr Sean Ng