It's blooming; it's a flower spike.

This thing blooms!? :-) Who knew... Haha. Obviously, I don't know much about this plant. Do you know what type of palm it is? Thanks

ALL palms bloom without exception (they are all "angiosperms").

Your plant is a Chamaedorea elegans. They are quite common and with good reason. They adapt readily to average indoor conditions and are size manageable. Chamaedorea palms are dioecious (which means that any single palm will either produce male flowers or female but not both). But these palms are usually sold in clusters (so you have more than one individual palm in the pot). Sex is complicated in the plant world in general and palms show a lot of variety in their expressions of gender. Some varieties of palms produce male and female flowers on the same plant. Most palm flowers are unisexual (either male or female), but apparently "bisexual" flowers (botanical term here) are not unknown. As i said, plant gender is complicated..., people are easy.

You appear to have a flower spike on your palm! Also, that seems to be a house oriented palm (especially size wise) so I am assuming it is a parlor palm.