Xanthelasma: This condition is characterized by the presence of yellowish patches or plaques on the skin, particularly around the eyes, due to the accumulation of fat. The description of a raised yellow-colored plaque on the lower eyelid is highly suggestive of xanthelasma, which is often associated with lipid disorders but can also occur without any underlying systemic condition.

Seborrheic Keratosis: While these lesions are more commonly found on sun-exposed areas and can be pigmented, some variants can present as yellowish plaques. They are benign growths that can appear anywhere on the body.
Basal Cell Carcinoma: Although less common, basal cell carcinoma can present in various forms, including pigmented or yellowish lesions, especially if they have a significant amount of actinic damage or are of the morpheaform type.
Squamous Cell Carcinoma: This type of skin cancer can also present as a plaque, though it's less likely to be yellow-colored. However, in sun-damaged skin, the appearance can be varied.

Malignant Melanoma: Although rare, melanomas can have a wide range of appearances, including amelanotic variants that might present as a yellowish or flesh-colored plaque. Missing a diagnosis of melanoma could be catastrophic due to its potential for metastasis.
Lymphoma: Cutaneous lymphomas can manifest in various ways, including as plaques. While less common, they are critical to diagnose early due to their potential for systemic involvement and aggressive behavior.

Necrobiotic Xanthogranuloma: A rare condition characterized by the presence of yellowish plaques or nodules, often associated with paraproteinemia. It's an important consideration due to its potential systemic implications.
Erdheim-Chester Disease: A rare form of non-Langerhans cell histiocytosis that can present with xanthoma-like lesions among other systemic manifestations. It's crucial to consider due to its systemic nature and potential for serious complications.