Does it feel soft? If you softly (be very gentle and careful) press on it does it seem to go back inside? It may be a hernia. Often they do fine with them, but there is some risk that it can become strangulated at some point, if that's what it is. Hernia's usually require surgery to fix, and birds generally are risky for surgery. If vet care is an option (I would find an avian vet for this) then they could better advise if that's what it is.