yep, it could lead to popeye. good thing though is its most likely not your water, if it was your water it would be in both eyes
i had a damsel with the same thing, when i added him to the tank he freaked out and nailed his eye. his eye bubbled out so bad i thought it would dislodge, and after a week i decided the next day i would try to net him (1" damsel in a 125g, yeah right)
next day, eye completely healed.