hay, by the sounds of it i think its a cyst. 2 of my rainbows got one a few weeks ago, ive just treated with a salt water bath and they soon disappeared, good luck.
Post a pic if you can. I think that will help us all to identify it. A salt dip will certainly help and it's easier than trying to treat your whole system. I would recommend setting up a quarantine tank though. That way you can isolate you treatment to just the sick fish and it keeps it from passing on the parasite. Also note that parasites don't do as well in warmer water.