Is that duck lips? I'm looking at my Synspilum right now, and his lips are about 1/3 the thickness of yours. Hard to really know from a picture, and not seeing the fish before he got sick.....but I'd guess duck lips. Columnaris bacteria infection. Very lethal.
If it's columnaris, you need a combination of Nitrofurazone and Kanamycin. It doesn't usually respond real well to treatment.
Sounds like ducklips, there is no quick definitive treatment. The infection is normally fatal to the fish, if caught early enough the treatment ragin_cajun suggested might help
Oooops
Hope it works out for you