Lipomas are benign tumors composed of adipose tissue that appear to originate from an unknown cause from a western medicine perspective, but may arise from injuries in an area, even minor ones. There are, however, many different forms of benign growths and malignant growths so proper diagnosis from a western perspective is a good idea. On the western side, surgery and/or liposuction and other methods are often used with high success rates.
From a TCM perspective there can be multiple causes and they would be particular to the individual - generally some combination of qi and/or blood stagnation and/or dampness/phlegm leading to obstruction. In the majority of cases focusing on resolving dampness if appropriate and resolving qi stagnation would be the treatment of choice. Once they are fully formed, however, treatment can be more difficult than in the early stages. For some surgical removal followed by more constitutional acupuncture treatment to avoid re-occurences would be ideal, for others an appropriate combination of acupuncture, tuina, cupping, bloodletting and/or Chinese herbal medicine would be better, particularly in those with systemic outbreaks.