I hate to be an alarmist but, read up on neon tetra disease. It could be a deformity caused by NTD. Probably (and hopefully) not but keep an eye out for it. Several months ago I thought one of my neons looked like that, but it eventually died of what I believe was NTD. A second neon developed the same symptom and was euthanized. No problems since then. The fish started out just looking fat but as time went on it became obvious that it was caused by an internal problem as the bulge was not symetrical (worse on one side). The fish appeared to act normal for quite a while before losing colour and having trouble swimming.
Best of luck!