See this in our office on occasion. Yes, you have an allergy to something in the make up. Did you know that formaldehyde is in most make-up? That is one of the chemicals that we test for in our office that people react to.
The way you describe is usually the reason that people come into the office for testing. Your body has just built up enough anti-bodies to start having physical reactions. STOP using immediately. Any other make up that has the same ingredients may cause you the same problem.
Be careful what creams you use around your eyes to clear this up also.
I know how irritating it is to have some thing like this start. Good luck on your search for make-up replacement.