Max timeout for a lambda function is 15 minutes. You can extend it by going to configuration on the aws console. If you are talking about API limits then yes, api gateway times out in 30 seconds. AWS has recently enabled service quota increase requests for API gateway.

Go to this link after logging in

https://us-east-1.console.aws.amazon.com/servicequotas/home/services/apigateway/quotas/L-E5AE38E3

Request quota increase.