He's a boy! Which may be the same thing, depending on your viewpoint. 
I'm pretty willing to bet that what you are describing are developing male sex organs.
My iguana is an adult male. Here's a picture of his...uh... man bumps. Is this what your iguana looks like? Actually, in iguanas, these bumps are not testicles- they are "hemipenes"- that's right, TWO penises!
The spiky protrusions you see on his thighs are waxy hormone secretions, and the holes they are coming out of are called "femoral pores".
Iguanas develop these when they are reaching sexual maturity. They will grind these protrusions down over the course of the mating season by draging their back legs around to leave their the hormone-wax behind and mark their territory.
Please try to post a picture... that, or going to the vet, are the only ways to tell you if the bumps are normal or not.
Congratulations, it's a BOY!
