Yes, there is a module called 'limit' which is documented in the iptables man page.
Quote:
limit
This module matches at a limited rate using a token bucket filter. A rule using this extension will match until
this limit is reached (unless the `!' flag is used). It can be used in combination with the LOG target to give
limited logging, for example.
--limit rate
Maximum average matching rate: specified as a number, with an optional `/second', `/minute', `/hour', or
`/day' suffix; the default is 3/hour.
--limit-burst number
Maximum initial number of packets to match: this number gets recharged by one every time the limit specified
above is not reached, up to this number; the default is 5.