What are pimple like things that excrete smelly fat like substance when sqeezed?

The pimple-like lesions you're describing may be sebaceous cysts or epidermoid cysts. These cysts are filled with a thick, oily substance called sebum, which can have a strong odor when squeezed. They often develop due to blocked hair follicles or skin pores. While they are usually harmless, it's best to consult a dermatologist for proper diagnosis and treatment options.