It's hard to tell from that pic (not blaming you; small fish are the very devil to photograph, I know). It doesn't look good though; probably a tumour of some kind.
Could you give us some more details to help with a diagnosis though? Size of tank and filtration, what fish are in there, how long the tank has been set up, plus test results of your water (ammonia, nitrite, nitrate, pH) if you have any?