Are you meaning 'throttle'? There do appear to be some utilities that can help you do that, but they'll be overarching - limiting the bandwidth that your network card passes, rather than the bandwidth that any given application uses. Google for 'linux traffic shaping', or read
this howto for more information. It won't be simple (you'll have to play around with iproute2 and other assorted networking utilities), but it can definitely be done.
If you're mostly concerned about limiting bittorrent usage, I'd suggest turning your client completely off when you're not actively downloading something, limiting the upload speed, and other measures of that type.