Move furniture from the affected area of the floor. If the bubble is near an edge, you probably don't need to clear the entire room.
Remove the molding that holds the edge of the flooring down along the bottom edge of the wall. Use a flat head screwdriver to pry the molding up and a pair of needle-nose pliers to remove the nails. Start with the edge closest to the bubble then pull up the molding on the sides. You won't need to remove the molding from the opposite wall as you'll only be rolling the floor back partway.
Pull the edge of the vinyl floor up and roll it back a few inches beyond the bubble. Allow the rolled-back flooring to sit overnight at normal room temperature.
Unroll the flooring. If the bubble is still raised, place a thick towel over the area and press a hot, dry iron over the spot until the surface lays flat.
Trim the edge of the vinyl flooring, if necessary, with a utility knife and a metal straightedge.
Replace the molding and secure it with brads.