Thanks for that very useful info! He's not panting, but hiding. I fed them some frozen tubifex this morning and he didn't seem to eat any as it loaded past him. He doesn't look particularly thin at the moment. Should I try some anti parasite medication?
To be honest, I haven't had all that great of luck with them when they won't eat. If it won't eat bloodworms, then it's probably not going to eat. Since it's not panting that's a good sign it doesn't have gill parasites. Fish with internal parasites usually eat fine because they are very hungry since the parasites are taking it all.
I really don't know what to suggest. It could be some kind of infection causing the bump to come up. Is it red? Does it look like it might develop into an open sore? Does he go to the surface every few minutes or so for a breath of air?
EDIT: Seachem has a product out that treats "everything".
http

/www.seachem.com/Products/product_pages/PolyGuard.html
I have never even seen it, much less used it. I think it must be fairly new. It's a shotgun approach, but at least it's supposed to be a safe combination. You don't seem to have any fungal issues though, so there may be better choices. Another broad spectrum antibiotic that might be worth a try is Maracyn Plus. They claim it sticks to the fish to help get it into their bodies when they don't want to eat. It's apparently a pretty good antibiotic to boot.
He could have a virus, but there's really no way to treat that so ruling that out should do no real harm. Either the fish's immune system will beat it or not. So you want to do everything you can to boost his immune system regardless. This means plenty of fresh water and a good temperature of around 80F. You want to keep his stress level down as much as possible too. Keeping the lights down will help.
Since your fish is not very thin, then it should take at least a couple of weeks to starve. If it dies after a couple of days of not eating then something else will have been responsible.
Everything I've written is with the assumption that you have not had any ammonia or nitrIte issues that brought this on. Also bullying tank mates can make the fish do what you're seeing.