To the OP. As everyone stated, you'll need to make sure if there's a clear coat or not. I haven't seen something like that happen to a polished lip before so it makes me think that the clear coat is bad.
If it's cleared - You can either sand it down by hand to remove the clear or use chemicals to strip it. Make sure to go in only one direction if you go with the sanding method. OR, you can use aircraft paint remover but if you're not careful, it'll strip the paint off the face of the wheel too. It's like acid that you brush/spray on and it'll start to strip the clear/paint off. Amazing stuff, extremely strong. (Careful, few seconds on the skin and it'll really give you a nasty burn so use protection :P )
If it's not cleared - Simply use some elbow grease and polish&polish. You're going to need to polish it anyway if you're going to remove the clear and this is the product I recommend:
It's not a MUST for reapplying the clear coat. Just remember that if you have bare metal, it's exposed to the air/elements and it'll slowly oxidize and not look as shiny. All you'll need to do is simply re-polish it. I hope this helps you out!