Without seeing it, this is one very likely cause. There's a technical name for it that I can never remember, but the Yanks call it "mud drying" which describes it well. Imagine a dried river bed where the soil is still damp underneath but the surface is bone dry. The top layer shrinks and hardens due to the moisture loss but the underside doesn't, causing cracks or fissures. Too much paint/clear/whatever in one go can cause this just as Tim describes.
The other possibility is that the solvents in the lacquer/varnish, if applied heavily, can "soak into" the paint underneath. This reactivates and expands it as the paint absorbs the solvent, often causing it to "pucker up" a bit like crocodile skin.
Pictures would help, but I think you may have gone a bit too much too soon.