Hashlimit is an iptables module that allows one to define rules that in effect will limit traffic speed (bytes / time unit) or frequency (connections / time unit) per target or origin ports / IPs. The inner workings of this module and / or how to make it work correctly remains a mystery for many.

Hashlimit is also close friends with the limit module, only much more powerful, capable of expressing rate limiting per source IP (for example) in a single rule.

Source: Stuff I do: How does iptables hashlimit module work?