diff --git a/src/error_logger_lager_h.erl b/src/error_logger_lager_h.erl
index 47df7b5..db66e1f 100644
--- a/src/error_logger_lager_h.erl
+++ b/src/error_logger_lager_h.erl
@@ -27,11 +27,23 @@
 
 -behaviour(gen_event).
 
+-export([set_high_water/1]).
 -export([init/1, handle_call/2, handle_event/2, handle_info/2, terminate/2,
         code_change/3]).
 
 -export([format_reason/1]).
 
+-record(state, {
+        %% how many messages per second we try to deliver
+        hwm = undefined :: 'undefined' | pos_integer(),
+        %% how many messages we've received this second
+        mps = 0 :: non_neg_integer(),
+        %% the current second
+        lasttime = os:timestamp() :: os:timestamp(),
+        %% count of dropped messages this second
+        dropped = 0 :: non_neg_integer()
+    }).
+
 -define(LOGMSG(Level, Pid, Msg),
     case ?SHOULD_LOG(Level) of
         true ->
@@ -49,6 +61,7 @@
     end).
 
 -ifdef(TEST).
+-compile(export_all).
 %% Make CRASH synchronous when testing, to avoid timing headaches
 -define(CRASH_LOG(Event),
     catch(gen_server:call(lager_crash_log, {log, Event}))).
@@ -57,14 +70,77 @@
     gen_server:cast(lager_crash_log, {log, Event})).
 -endif.
 
+set_high_water(N) ->
+    gen_event:call(error_logger, ?MODULE, {set_high_water, N}, infinity).
+
 -spec init(any()) -> {ok, {}}.
-init(_) ->
-    {ok, {}}.
+init([HighWaterMark]) ->
+    {ok, #state{hwm=HighWaterMark}}.
 
+handle_call({set_high_water, N}, State) ->
+    {ok, ok, State#state{hwm = N}};
 handle_call(_Request, State) ->
-    {ok, ok, State}.
+    {ok, unknown_call, State}.
 
 handle_event(Event, State) ->
+    case check_hwm(State) of
+        {true, NewState} ->
+            log_event(Event, NewState);
+        {false, NewState} ->
+            {ok, NewState}
+    end.
+
+handle_info(_Info, State) ->
+    {ok, State}.
+
+terminate(_Reason, _State) ->
+    ok.
+
+code_change(_OldVsn, State, _Extra) ->
+    {ok, State}.
+
+%% internal functions
+
+check_hwm(State = #state{hwm = undefined}) ->
+    {true, State};
+check_hwm(State = #state{mps = Mps, hwm = Hwm}) when Mps < Hwm ->
+    %% haven't hit high water mark yet, just log it
+    {true, State#state{mps=Mps+1}};
+check_hwm(State = #state{hwm = Hwm, lasttime = Last, dropped = Drop}) ->
+    %% are we still in the same second?
+    {M, S, _} = Now = os:timestamp(),
+    case Last of
+        {M, S, _} ->
+            %% still in same second, but have exceeded the high water mark
+            NewDrops = discard_messages(Now, 0),
+            {false, State#state{dropped=Drop+NewDrops}};
+        _ ->
+            %% different second, reset all counters and allow it
+            case Drop > 0 of
+                true ->
+                    ?LOGFMT(warning, self(), "lager_error_logger_h dropped ~p messages in the last second that exceeded the limit of ~p messages/sec",
+                        [Drop, Hwm]);
+                false ->
+                    ok
+            end,
+            {true, State#state{dropped = 0, mps=1, lasttime = Now}}
+    end.
+
+discard_messages(Second, Count) ->
+    {M, S, _} = os:timestamp(),
+    case Second of
+        {M, S, _} ->
+            receive
+                _Msg ->
+                    discard_messages(Second, Count+1)
+            after 0 ->
+                    Count
+            end;
+        _ ->
+            Count
+    end.
+
+log_event(Event, State) ->
     case Event of
         {error, _GL, {Pid, Fmt, Args}} ->
             case Fmt of
@@ -143,17 +219,6 @@ handle_event(Event, State) ->
     end,
     {ok, State}.
 
-handle_info(_Info, State) ->
-    {ok, State}.
-
-terminate(_Reason, _State) ->
-    ok.
-
-code_change(_OldVsn, State, _Extra) ->
-    {ok, State}.
-
-%% internal functions
-
 format_crash_report(Report, Neighbours) ->
     Name = case proplists:get_value(registered_name, Report, []) of
         [] ->
@@ -312,6 +377,23 @@ print_val(Val) ->
     {Str, _} = lager_trunc_io:print(Val, 500),
     Str.
 
-
 supervisor_name({local, Name}) -> Name;
 supervisor_name(Name) -> Name.
+-ifdef(TEST).
+
+%% Not intended to be a fully paranoid EUnit test....
+
+t0() ->
+    application:stop(lager),
+    application:stop(sasl),
+    application:start(sasl),
+    application:start(lager),
+    set_high_water(5),
+    [error_logger:warning_msg("Foo ~p!", [X]) || X <- lists:seq(1,10)],
+    timer:sleep(1000),
+    [error_logger:warning_msg("Bar ~p!", [X]) || X <- lists:seq(1,10)],
+    timer:sleep(1000),
+    error_logger:warning_msg("Baz!"),
+    ok.
+
+-endif. % TEST
diff --git a/src/lager_app.erl b/src/lager_app.erl
index 056ee49..0799128 100644
--- a/src/lager_app.erl
+++ b/src/lager_app.erl
@@ -52,6 +52,16 @@ start(_StartType, _StartArgs) ->
     {_, Traces} = lager_config:get(loglevel),
     lager_config:set(loglevel, {MinLog, Traces}),
 
+    HighWaterMark = case application:get_env(lager, error_logger_hwm) of
+        {ok, HwmVal} when is_integer(HwmVal), HwmVal > 0 ->
+            HwmVal;
+        {ok, BadVal} ->
+            _ = lager:log(warning, self(), "Invalid error_logger high water mark: ~p, disabling", [BadVal]),
+            undefined;
+        undefined ->
+            undefined
+    end,
+
     SavedHandlers =
         case application:get_env(lager, error_logger_redirect) of
             {ok, false} ->
@@ -64,7 +74,7 @@ start(_StartType, _StartArgs) ->
                         WhiteList
                 end,
 
-                case supervisor:start_child(lager_handler_watcher_sup, [error_logger, error_logger_lager_h, []]) of
+                case supervisor:start_child(lager_handler_watcher_sup, [error_logger, error_logger_lager_h, [HighWaterMark]]) of
                     {ok, _} ->
                         [begin error_logger:delete_report_handler(X), X end ||
                             X <- gen_event:which_handlers(error_logger) -- [error_logger_lager_h | WhiteList]];