diff --git a/soulseek-rs-lib/src/client/context.rs b/soulseek-rs-lib/src/client/context.rs
index 8606abf..ff98041 100644
--- a/soulseek-rs-lib/src/client/context.rs
+++ b/soulseek-rs-lib/src/client/context.rs
@@ -42,6 +42,7 @@ impl ClientContext {
             private_messages: Vec::new(),
             pending_connect_tokens: HashMap::new(),
             max_peers: Arc::new(AtomicUsize::new(DEFAULT_MAX_PEERS)),
+            download_speed_limit: Arc::default(),
             shares: Arc::new(Shares::empty()),
             shared_directories: Vec::new(),
             peer_addresses: HashMap::new(),
diff --git a/soulseek-rs-lib/src/client/downloads.rs b/soulseek-rs-lib/src/client/downloads.rs
index 28c8177..e47db5d 100644
--- a/soulseek-rs-lib/src/client/downloads.rs
+++ b/soulseek-rs-lib/src/client/downloads.rs
@@ -14,6 +14,12 @@ impl Client {
             .unwrap_or_default()
     }
 
+    pub fn set_download_speed_limit(&self, bytes_per_second: u64) {
+        if let Ok(ctx) = self.context.read_safe() {
+            ctx.download_speed_limit.set(bytes_per_second);
+        }
+    }
+
     #[must_use]
     pub fn pause_download(&self, username: &str, filename: &str) -> bool {
         match self.context.write_safe() {
diff --git a/soulseek-rs-lib/src/client/mod.rs b/soulseek-rs-lib/src/client/mod.rs
index 21d7dfd..7a146b1 100644
--- a/soulseek-rs-lib/src/client/mod.rs
+++ b/soulseek-rs-lib/src/client/mod.rs
@@ -9,6 +9,7 @@ use crate::types::{
     SimilarUser, UserInfo, UserInterests, UserPresence, UserStats, UserStatus,
 };
 use crate::utils::logger;
+use crate::utils::rate_limit::RateLimit;
 use crate::{
     Transfer,
     actor::{ActorSystem, peer_registry::PeerRegistry},
@@ -486,6 +487,7 @@ pub struct ClientContext {
     /// a token we sent in a ConnectToPeer to the peer we expect back.
     pending_connect_tokens: HashMap<u32, (String, Instant)>,
     max_peers: Arc<AtomicUsize>,
+    pub(crate) download_speed_limit: Arc<RateLimit>,
     /// Files we share with peers (read-only after connect).
     pub shares: Arc<Shares>,
     /// The directories the current share index was built from.
diff --git a/soulseek-rs-lib/src/peer/download_peer.rs b/soulseek-rs-lib/src/peer/download_peer.rs
index 034e54f..fd2e231 100644
--- a/soulseek-rs-lib/src/peer/download_peer.rs
+++ b/soulseek-rs-lib/src/peer/download_peer.rs
@@ -363,6 +363,11 @@ impl DownloadPeer {
         stream
             .set_read_timeout(Some(CANCEL_POLL))
             .map_err(DownloadError::ConnectionFailed)?;
+        let speed_limit = client_context
+            .read()
+            .map_err(|_| DownloadError::LockPoisoned)?
+            .download_speed_limit
+            .clone();
         let mut last_data = Instant::now();
 
         loop {
@@ -384,7 +389,10 @@ impl DownloadPeer {
                 break;
             }
 
-            match stream.read(&mut read_buffer) {
+            let allowance = speed_limit.take(READ_BUFFER_SIZE);
+            let read = stream.read(&mut read_buffer[..allowance]);
+            speed_limit.give_back(allowance - read.as_ref().map_or(0, |&n| n));
+            match read {
                 Ok(0) => {
                     trace!(
                         "[download_peer:{}] connection closed by peer",
diff --git a/soulseek-rs-lib/src/utils/mod.rs b/soulseek-rs-lib/src/utils/mod.rs
index e32ce7c..b7ea3bd 100644
--- a/soulseek-rs-lib/src/utils/mod.rs
+++ b/soulseek-rs-lib/src/utils/mod.rs
@@ -4,6 +4,7 @@ pub(crate) mod keepalive;
 pub mod lock;
 pub mod md5;
 pub mod path;
+pub(crate) mod rate_limit;
 pub(crate) mod semaphore;
 pub mod zlib;
 
diff --git a/soulseek-rs-lib/src/utils/rate_limit.rs b/soulseek-rs-lib/src/utils/rate_limit.rs
new file mode 100644
index 0000000..a5a261a
--- /dev/null
+++ b/soulseek-rs-lib/src/utils/rate_limit.rs
@@ -0,0 +1,136 @@
+use std::sync::atomic::{AtomicU64, Ordering};
+use std::sync::{Mutex, PoisonError};
+use std::time::{Duration, Instant};
+
+const TICK: Duration = Duration::from_millis(100);
+const TICKS_PER_SECOND: u64 = 1000 / TICK.as_millis() as u64;
+
+#[derive(Default)]
+pub struct RateLimit {
+    bytes_per_second: AtomicU64,
+    bucket: Mutex<Bucket>,
+}
+
+#[derive(Default)]
+struct Bucket {
+    tokens: u64,
+    refilled: Option<Instant>,
+}
+
+impl RateLimit {
+    pub fn set(&self, bytes_per_second: u64) {
+        self.bytes_per_second
+            .store(bytes_per_second, Ordering::Relaxed);
+    }
+
+    pub fn take(&self, want: usize) -> usize {
+        loop {
+            let rate = self.bytes_per_second.load(Ordering::Relaxed);
+            if rate == 0 {
+                return want;
+            }
+            let mut bucket =
+                self.bucket.lock().unwrap_or_else(PoisonError::into_inner);
+            let now = Instant::now();
+            let since = bucket.refilled.map_or(TICK, |at| now - at);
+            if since >= TICK {
+                bucket.tokens = (rate / TICKS_PER_SECOND).max(1);
+                bucket.refilled = Some(now);
+            }
+            if bucket.tokens > 0 {
+                let grant = bucket.tokens.min(want as u64);
+                bucket.tokens -= grant;
+                return grant as usize;
+            }
+            drop(bucket);
+            std::thread::sleep(TICK.saturating_sub(since));
+        }
+    }
+
+    pub fn give_back(&self, unused: usize) {
+        if unused == 0 || self.bytes_per_second.load(Ordering::Relaxed) == 0 {
+            return;
+        }
+        self.bucket
+            .lock()
+            .unwrap_or_else(PoisonError::into_inner)
+            .tokens += unused as u64;
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    #[test]
+    fn no_limit_grants_everything_at_once() {
+        let limit = RateLimit::default();
+        let started = Instant::now();
+        assert_eq!(limit.take(1 << 20), 1 << 20);
+        assert!(started.elapsed() < TICK);
+    }
+
+    #[test]
+    fn a_limit_paces_what_is_taken() {
+        let limit = RateLimit::default();
+        limit.set(20_000);
+        let started = Instant::now();
+        let mut taken = 0;
+        while taken < 6_000 {
+            let grant = limit.take(4096);
+            assert!((1..=4096).contains(&grant), "granted {grant}");
+            taken += grant;
+        }
+        let elapsed = started.elapsed();
+        assert!(
+            (2 * TICK..10 * TICK).contains(&elapsed),
+            "{taken} bytes at 20 kB/s took {elapsed:?}"
+        );
+    }
+
+    #[test]
+    fn concurrent_takers_share_one_budget() {
+        let limit = RateLimit::default();
+        limit.set(20_000);
+        let started = Instant::now();
+        std::thread::scope(|s| {
+            for _ in 0..3 {
+                s.spawn(|| {
+                    let mut taken = 0;
+                    while taken < 2_000 {
+                        taken += limit.take(4096);
+                    }
+                });
+            }
+        });
+        assert!(
+            started.elapsed() >= 2 * TICK,
+            "6 kB at 20 kB/s across three takers took {:?}",
+            started.elapsed()
+        );
+    }
+
+    #[test]
+    fn unused_allowance_goes_back_to_the_budget() {
+        let limit = RateLimit::default();
+        limit.set(20_000);
+        let started = Instant::now();
+        let grant = limit.take(4096);
+        limit.give_back(grant);
+        assert_eq!(limit.take(4096), grant);
+        assert!(started.elapsed() < TICK);
+    }
+
+    #[test]
+    fn lifting_a_limit_frees_a_take_that_is_waiting() {
+        let limit = RateLimit::default();
+        limit.set(100);
+        assert_eq!(limit.take(1000), 10);
+        std::thread::scope(|s| {
+            let waiting = s.spawn(|| limit.take(1000));
+            std::thread::sleep(Duration::from_millis(10));
+            limit.set(0);
+            assert_eq!(waiting.join().unwrap(), 1000);
+        });
+    }
+}
diff --git a/soulseek-rs-lib/tests/e2e.rs b/soulseek-rs-lib/tests/e2e.rs
index d859fa5..8e6cf70 100644
--- a/soulseek-rs-lib/tests/e2e.rs
+++ b/soulseek-rs-lib/tests/e2e.rs
@@ -936,6 +936,82 @@ fn a_download_completes_when_the_f_connection_beats_token_registration() {
     );
 }
 
+#[test]
+fn a_download_speed_limit_paces_a_transfer_until_it_is_lifted() {
+    let server = server_or_skip!();
+    let listen_port = free_port().expect("free listen port");
+    let mut client = Client::with_settings(server.listening_settings(
+        "e2e_cappedpeer_dl",
+        "pw",
+        listen_port,
+    ));
+    client.connect().expect("connect");
+    assert!(client.login().expect("login"));
+    client.set_download_speed_limit(64 * 1024);
+
+    let filename = "capped.mp3";
+    let content: Vec<u8> =
+        (0..1024 * 1024u32).map(|i| (i % 251) as u8).collect();
+    let download_dir = unique_download_dir();
+    let (ready_tx, ready_rx) = std::sync::mpsc::channel();
+    let cfg = MockUpload {
+        listen_addr: format!("127.0.0.1:{listen_port}"),
+        peer_username: "e2e_cappedpeer".to_string(),
+        filename: filename.to_string(),
+        content: content.clone(),
+        token: 434_343,
+        ready: ready_tx,
+        token_delay: Duration::ZERO,
+    };
+    let uploader = std::thread::spawn(move || {
+        if let Err(e) = run_mock_uploader(&cfg) {
+            eprintln!("[mock uploader] {e}");
+        }
+    });
+    ready_rx
+        .recv_timeout(Duration::from_secs(5))
+        .expect("mock uploader P connection");
+
+    let started = Instant::now();
+    let (_download, status_rx) = client
+        .download(
+            filename.to_string(),
+            "e2e_cappedpeer".to_string(),
+            content.len() as u64,
+            download_dir.display().to_string(),
+        )
+        .expect("start download");
+    let in_progress = || {
+        client
+            .get_all_downloads()
+            .iter()
+            .any(|d| matches!(d.status, DownloadStatus::InProgress { .. }))
+    };
+    assert!(wait_for(in_progress), "the download should start");
+    std::thread::sleep(Duration::from_secs(1));
+    assert!(
+        in_progress(),
+        "1 MiB at 64 KiB/s must still be arriving a second in"
+    );
+
+    client.set_download_speed_limit(0);
+    assert!(
+        wait_for_completion(&client, &status_rx, Duration::from_secs(20)),
+        "the download should reach Completed"
+    );
+    let elapsed = started.elapsed();
+    let _ = uploader.join();
+    assert!(
+        elapsed < Duration::from_secs(8),
+        "capped for the whole file this takes 16s; lifted it took {elapsed:?}"
+    );
+    assert_eq!(
+        std::fs::read(download_dir.join(filename)).expect("downloaded file"),
+        content
+    );
+    let _ = std::fs::remove_dir_all(&download_dir);
+}
+
 fn cancel_mid_transfer(peer_username: &str, stall_after: Option<usize>) {
     let server = server_or_skip!();