Peyronies disease is a condition in which a layer of plaque builds up under the skin of the penis. The layer of plaque can cause pain and bending in the penis during erection, and may also cause indentations in or shortening of the penis. At times, the changes in penis shape may make intercourse painful or impossible.
Peyronies disease often occurs in men 45 and older or men with diabetes. The cause is unknown, but researchers believe it may result from injury during intercourse, trauma to the penis as a result of surgery, genetic factors or a malfunctioning of the immune system.
Possible signs of peyronies disease include: 
Bent erections
Pain in the penis with erection. Pain is caused by active inflammation in the plaque and usually disappears on its own.
Palpable penile plaque. Scar tissue that has been deposited on the outer covering of the erectile bodies.
Management of Peyronies disease is dependent upon where they are in the disease state, the severity of penile defect and erectile function.
Types of treatment include:
Surgical therapy.
If there is a significant penile defect that prevents sexual relations, surgical therapy is a viable option.
Medical therapy has been proven ineffective.
This information was compiled with help from the following Web sites. Please see them for more information regarding peyronies disease.
Johns Hopkins Medicine James Buchanan Brady Urological Institute Mayo Clinic 
Sentara.com