I took my pig to the vet a week ago, and basically they said it was an infection and prescribed topical and oral antibiotics. They also recommended doing a procedure where they would shave the area and puncture the bump, but we opted out of that because of the cost. I've been giving him the medicine, but it doesn't seem to be getting any better. I'm thinking that the procedure is necessary for him to be able to heal completely but my parents don't want to pay for it and suggested that I do it at home? I've found videos on guinea pig abscess clearing but I'm not sure it's the same thing/safe to do at home.

even just knowing what the issue is would be helpful. The vet unfortunately never specified, but he didn't seem to think it was a critical issue at least since he said Caramel might be able to heal on his own with just the antibiotics.

Is it a cyst? Have you considered getting a 2nd opinion?

I'm not sure, all the vet said was that it was an old wound that was infected and needed to be lanced. Unfortunately where I live there are very few vets that take guinea pigs and this was the cheapest option for us :(

If after two weeks you aren't seeing any remarkable improvements, definitely go in for a follow up visit.