Yep, its mostly in the body fat levels. You lower this by watching your diet (take a look in the nutrition section) and by a good training plan. Basically what theleip said.
It might be better if you told us exactly how much body fat % you have, it might be a little easier to answer your question.
You might want to try to build some more muscle and once you've gotten some size, cut and see if its less noticable. Are you sure your triceps are the only area where you have an "abnormal" amount of fat?
If you are at a low body fat level (roughly 8 -10%) and you eat healthy, I'm going to say start doing more compound exercises that involve the triceps (any bench, military press, pushups, dips) and gradually wait to see if they start coming out. If not, then just cut again and whatnot.