Thank you for your consult at DoctorSpring.
The most likely cause for the cyst like formation is a stye / Hordeolum itself or a Chalazion. Chalazion, is a chronic inflammatory lesion that develops when a Zeis or meibomian tear gland of the eyelid becomes obstructed. An epidermal inclusion cyst is one rare possibilty.
If a Ophthalmologist visit is doable, I recommoed that. If not, you can do a warm compresses, placed off and on for about 15 minutes at a time approximately four times per day. Take care not to inure the eye. Hordeolum and Chalazion should respond to this. If there is no good response to this you should visit a Ophthalmologist
Hope this helps
Please feel free to ask followup queries.