Does Lambda have a time limit?

Could you please clarify for me if there's a specific time limit associated with Lambda, or is it a more flexible concept that doesn't necessarily adhere to a strict timeline? I'm interested in understanding if there are any constraints on how long a given Lambda function can run or if it's designed to be used for short, burst-like tasks that complete within a predefined period. Understanding this aspect will help me determine how best to integrate Lambda into my project's architecture.