Thanks for the clarification, I don't know much about plecos. I would suggest there are two possibilities for the growth, one it is a damaged fin that has become infected, or two it is some form of tumor or cyst. I am really not the best person for these types of issues, hopefully we can get some people with better experience to look at this.
@Colin_T used to be someone who would wade into these types of questions but I haven't seen him around much lately,
@GaryE might have some suggestions.
The fish might have been damaged during the capture and being placed in a new tank would increase its stress level making it more sensitive at this time.