Is there a procedure to remove this bump on my broken cheekbone?

A delayed presentation of facial fractures is a challenging issue. The bump you feel is likely a bony "step-off," which may be associated with a condition called malunion, which is essentially the non-anatomic healing of a fracture that he not been put back in its pre-traumatic place. This long after your injury, the bone is fused, so to repair this would require bone cuts to make the previously fractures segment mobile enough again to place it in the location its supposed to be in. When it comes to cost and whether it's "worth it" to you, these are likely questions for your insurance company and/or yourself to determine if this condition is worth undergoing repair, which is unfortunately more difficult than repair shortly after the time of injury. This is something you could get more information about in a consultation with a plastic surgeon that does facial fracture and bony surgery of the face.

The first step is to get a 3D CT scan of your face to determine what this bump is. It is bone, scar tissue etc? Until you know exactly what it looks like it would be impossible to say what, if anything, should be done about it.