Like cysts, lipomas are benign growths, but lipomas are made of fat cells. They are notorious for regrowing after removal so it is good to weigh the benefit of removal with the well-known risk of it growing back. Knowing this, I (Dr. Buster) have had one removed from my own arm and though it has taken a few years, it has slowly grown back. If they are really bothersome, removal at an in office surgery appointment is typically a straight forward process. Sometimes lipomas can be painful (e.g., angiolipomas) and that can be a reason to seek removal.
Occasionally a lesion can look and act like a lipoma but be cancerous so you should have any growing, painful, large or otherwise concerning growth evaluated by Dr. Buster.
Any/all lipomas excised by Dr. Buster are sent for to a pathology lab for analysis by a board-certified dermatopathologist (skin pathologist).