Lambda functions can execute for a maximum of 60 seconds.
Edit: my mistake - you still can't have multiple lambdas operating on a single S3 bucket. I had triggered an infinite loop by manipulating files in the same bucket that it was triggered on (triggering another execution, infinitely).
Edit: realized my mistake in the wording of my comment above - _how_ I made the infinite loop had escaped me for a moment.
I have a Lambda for processing large files; the first phase is a single Lambda splitting the file into chunks which can be processed within the 60 second limit, and then the second phase is a bunch of the same Lambdas processing those chunks.
(Disclosure: I work with nicksergeant at Localytics.)