diff --git a/Cargo.lock b/Cargo.lock
index 72d0545709..4b848c78f7 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -379,6 +379,12 @@ dependencies = [
  "cfg-if",
 ]
 
+[[package]]
+name = "crossbeam-utils"
+version = "0.8.20"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "22ec99545bb0ed0ea7bb9b8e1e9122ea386ff8a48c0922e43f36d45ab09e0e80"
+
 [[package]]
 name = "crypto-common"
 version = "0.1.6"
@@ -682,6 +688,12 @@ version = "0.3.31"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "f90f7dce0722e95104fcb095585910c0977252f286e354b5e3bd38902cd99988"
 
+[[package]]
+name = "futures-timer"
+version = "3.0.3"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f288b0a4f20f9a56b5d1da57e2227c661b7b16168e2f72365f57b63326e29b24"
+
 [[package]]
 name = "futures-util"
 version = "0.3.31"
@@ -733,6 +745,25 @@ version = "0.3.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d2fabcfbdc87f4758337ca535fb41a6d701b65693ce38287d856d1674551ec9b"
 
+[[package]]
+name = "governor"
+version = "0.6.3"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "68a7f542ee6b35af73b06abc0dad1c1bae89964e4e253bc4b587b91c9637867b"
+dependencies = [
+ "cfg-if",
+ "futures",
+ "futures-timer",
+ "no-std-compat",
+ "nonzero_ext",
+ "parking_lot",
+ "portable-atomic",
+ "quanta",
+ "rand",
+ "smallvec",
+ "spinning_top",
+]
+
 [[package]]
 name = "gzip-header"
 version = "1.0.0"
@@ -2012,6 +2043,7 @@ dependencies = [
 name = "linkerd-proxy-server-policy"
 version = "0.1.0"
 dependencies = [
+ "governor",
  "http",
  "ipnet",
  "linkerd-http-route",
@@ -2385,8 +2417,7 @@ dependencies = [
 [[package]]
 name = "linkerd2-proxy-api"
 version = "0.14.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "26c72fb98d969e1e94e95d52a6fcdf4693764702c369e577934256e72fb5bc61"
+source = "git+https://github.com/linkerd/linkerd2-proxy-api.git?branch=alpeb/v0.14.0-rate-limiting#903aeafd8c2e60790b5de0de7aee28f31964fce2"
 dependencies = [
  "h2",
  "http",
@@ -2530,6 +2561,12 @@ dependencies = [
  "libc",
 ]
 
+[[package]]
+name = "no-std-compat"
+version = "0.4.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "b93853da6d84c2e3c7d730d6473e8817692dd89be387eb01b94d7f108ecb5b8c"
+
 [[package]]
 name = "nom"
 version = "7.1.3"
@@ -2540,6 +2577,12 @@ dependencies = [
  "minimal-lexical",
 ]
 
+[[package]]
+name = "nonzero_ext"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "38bf9645c8b145698bb0b18a4637dcacbc421ea49bef2317e4fd8065a387cf21"
+
 [[package]]
 name = "nu-ansi-term"
 version = "0.46.0"
@@ -2764,6 +2807,12 @@ version = "0.1.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8b870d8c151b6f2fb93e84a13146138f05d02ed11c7e7c54f8826aaaf7c9f184"
 
+[[package]]
+name = "portable-atomic"
+version = "1.9.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "cc9c68a3f6da06753e9335d63e27f6b9754dd1920d941135b7ea8224f141adb2"
+
 [[package]]
 name = "powerfmt"
 version = "0.2.0"
@@ -2920,6 +2969,21 @@ dependencies = [
  "prost",
 ]
 
+[[package]]
+name = "quanta"
+version = "0.12.3"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "8e5167a477619228a0b284fac2674e3c388cba90631d7b7de620e6f1fcd08da5"
+dependencies = [
+ "crossbeam-utils",
+ "libc",
+ "once_cell",
+ "raw-cpuid",
+ "wasi",
+ "web-sys",
+ "winapi",
+]
+
 [[package]]
 name = "quick-error"
 version = "1.2.3"
@@ -2980,6 +3044,15 @@ version = "1.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "f60fcc7d6849342eff22c4350c8b9a989ee8ceabc4b481253e8946b9fe83d684"
 
+[[package]]
+name = "raw-cpuid"
+version = "11.2.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1ab240315c661615f2ee9f0f2cd32d5a7343a84d5ebcccb99d46e6637565e7b0"
+dependencies = [
+ "bitflags 2.4.2",
+]
+
 [[package]]
 name = "rcgen"
 version = "0.12.1"
@@ -3290,6 +3363,15 @@ version = "0.9.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "6980e8d7511241f8acf4aebddbb1ff938df5eebe98691418c4468d0b72a96a67"
 
+[[package]]
+name = "spinning_top"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d96d2d1d716fb500937168cc09353ffdc7a012be8475ac7308e1bdf0e3923300"
+dependencies = [
+ "lock_api",
+]
+
 [[package]]
 name = "stable_deref_trait"
 version = "1.2.0"
@@ -3863,6 +3945,16 @@ version = "0.2.93"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c62a0a307cb4a311d3a07867860911ca130c3494e8c2719593806c08bc5d0484"
 
+[[package]]
+name = "web-sys"
+version = "0.3.70"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "26fdeaafd9bd129f65e7c031593c24d62186301e0c72c8978fa1678be7d532c0"
+dependencies = [
+ "js-sys",
+ "wasm-bindgen",
+]
+
 [[package]]
 name = "widestring"
 version = "1.1.0"
diff --git a/Cargo.toml b/Cargo.toml
index 29f9651998..8e249afbb1 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -90,3 +90,6 @@ lto = true
 
 [workspace.dependencies]
 linkerd2-proxy-api = "0.14.0"
+
+[patch.crates-io]
+linkerd2-proxy-api = { git = "https://github.com/linkerd/linkerd2-proxy-api.git", branch = "alpeb/v0.14.0-rate-limiting" }
diff --git a/linkerd/app/gateway/src/http/tests.rs b/linkerd/app/gateway/src/http/tests.rs
index e545d7f530..442c4ff316 100644
--- a/linkerd/app/gateway/src/http/tests.rs
+++ b/linkerd/app/gateway/src/http/tests.rs
@@ -129,6 +129,7 @@ async fn upgraded_request_remains_relative_form() {
                         }),
                     }]))]),
                 },
+                local_rate_limit: Arc::new(Default::default()),
             };
             let (policy, tx) = inbound::policy::AllowPolicy::for_test(self.param(), policy);
             tokio::spawn(async move {
diff --git a/linkerd/app/inbound/src/accept.rs b/linkerd/app/inbound/src/accept.rs
index 04dc57db9b..d3c1516f75 100644
--- a/linkerd/app/inbound/src/accept.rs
+++ b/linkerd/app/inbound/src/accept.rs
@@ -138,6 +138,7 @@ mod tests {
                     kind: "server".into(),
                     name: "testsrv".into(),
                 }),
+                local_rate_limit: Default::default(),
             },
             None,
         );
diff --git a/linkerd/app/inbound/src/detect/tests.rs b/linkerd/app/inbound/src/detect/tests.rs
index 0657ec733a..002717824b 100644
--- a/linkerd/app/inbound/src/detect/tests.rs
+++ b/linkerd/app/inbound/src/detect/tests.rs
@@ -35,6 +35,7 @@ fn allow(protocol: Protocol) -> AllowPolicy {
                 kind: "server".into(),
                 name: "testsrv".into(),
             }),
+            local_rate_limit: Arc::new(Default::default()),
         },
     );
     allow
diff --git a/linkerd/app/inbound/src/http/tests.rs b/linkerd/app/inbound/src/http/tests.rs
index f5c9351240..637cd73240 100644
--- a/linkerd/app/inbound/src/http/tests.rs
+++ b/linkerd/app/inbound/src/http/tests.rs
@@ -748,6 +748,7 @@ impl svc::Param<policy::AllowPolicy> for Target {
                     kind: "server".into(),
                     name: "testsrv".into(),
                 }),
+                local_rate_limit: Default::default(),
             },
         );
         policy
diff --git a/linkerd/app/inbound/src/policy.rs b/linkerd/app/inbound/src/policy.rs
index 176c92551d..d320bbe601 100644
--- a/linkerd/app/inbound/src/policy.rs
+++ b/linkerd/app/inbound/src/policy.rs
@@ -44,7 +44,7 @@ pub trait GetPolicy {
     fn get_policy(&self, dst: OrigDstAddr) -> AllowPolicy;
 }
 
-#[derive(Clone, Debug, PartialEq, Eq)]
+#[derive(Clone, Debug)]
 pub enum DefaultPolicy {
     Allow(ServerPolicy),
     Deny,
@@ -90,6 +90,7 @@ impl From<DefaultPolicy> for ServerPolicy {
             DefaultPolicy::Allow(p) => p,
             DefaultPolicy::Deny => ServerPolicy {
                 protocol: Protocol::Opaque(Arc::new([])),
+                local_rate_limit: Default::default(),
                 meta: Meta::new_default("deny"),
             },
         }
diff --git a/linkerd/app/inbound/src/policy/defaults.rs b/linkerd/app/inbound/src/policy/defaults.rs
index ad23cae462..29a5dd01da 100644
--- a/linkerd/app/inbound/src/policy/defaults.rs
+++ b/linkerd/app/inbound/src/policy/defaults.rs
@@ -88,5 +88,6 @@ fn mk(
     ServerPolicy {
         meta: Meta::new_default(name),
         protocol,
+        local_rate_limit: Default::default(),
     }
 }
diff --git a/linkerd/app/inbound/src/policy/http/tests.rs b/linkerd/app/inbound/src/policy/http/tests.rs
index 0369207938..22ed859c4a 100644
--- a/linkerd/app/inbound/src/policy/http/tests.rs
+++ b/linkerd/app/inbound/src/policy/http/tests.rs
@@ -29,6 +29,7 @@ macro_rules! new_svc {
                     kind: "Server".into(),
                     name: "testsrv".into(),
                 }),
+                local_rate_limit: Arc::new(Default::default()),
             },
         );
         let svc = HttpPolicyService {
@@ -197,6 +198,7 @@ async fn http_route() {
                 },
             ],
         }])),
+        local_rate_limit: Arc::new(Default::default()),
     })
     .expect("must send");
 
diff --git a/linkerd/app/inbound/src/policy/tcp/tests.rs b/linkerd/app/inbound/src/policy/tcp/tests.rs
index 957c51d736..53b10fc592 100644
--- a/linkerd/app/inbound/src/policy/tcp/tests.rs
+++ b/linkerd/app/inbound/src/policy/tcp/tests.rs
@@ -26,6 +26,7 @@ async fn unauthenticated_allowed() {
             kind: "server".into(),
             name: "test".into(),
         }),
+        local_rate_limit: Arc::new(Default::default()),
     };
 
     let tls = tls::ConditionalServerTls::None(tls::NoServerTls::NoClientHello);
@@ -75,6 +76,7 @@ async fn authenticated_identity() {
             kind: "server".into(),
             name: "test".into(),
         }),
+        local_rate_limit: Arc::new(Default::default()),
     };
 
     let tls = tls::ConditionalServerTls::Some(tls::ServerTls::Established {
@@ -138,6 +140,7 @@ async fn authenticated_suffix() {
             kind: "server".into(),
             name: "test".into(),
         }),
+        local_rate_limit: Arc::new(Default::default()),
     };
 
     let tls = tls::ConditionalServerTls::Some(tls::ServerTls::Established {
@@ -197,6 +200,7 @@ async fn tls_unauthenticated() {
             kind: "server".into(),
             name: "test".into(),
         }),
+        local_rate_limit: Arc::new(Default::default()),
     };
 
     let tls = tls::ConditionalServerTls::Some(tls::ServerTls::Established {
diff --git a/linkerd/app/inbound/src/test_util.rs b/linkerd/app/inbound/src/test_util.rs
index fb28be8c24..09997f4787 100644
--- a/linkerd/app/inbound/src/test_util.rs
+++ b/linkerd/app/inbound/src/test_util.rs
@@ -46,6 +46,7 @@ pub fn default_config() -> Config {
                 kind: "server".into(),
                 name: "testsrv".into(),
             }),
+            local_rate_limit: Arc::new(Default::default()),
         }
         .into(),
         ports: Default::default(),
diff --git a/linkerd/app/integration/src/policy.rs b/linkerd/app/integration/src/policy.rs
index b8cf4b9cef..fd1053eb27 100644
--- a/linkerd/app/integration/src/policy.rs
+++ b/linkerd/app/integration/src/policy.rs
@@ -45,6 +45,7 @@ pub fn all_unauthenticated() -> inbound::Server {
                 inbound::proxy_protocol::Detect {
                     timeout: Some(Duration::from_secs(10).try_into().unwrap()),
                     http_routes: vec![],
+                    http_local_rate_limit: None,
                 },
             )),
         }),
diff --git a/linkerd/proxy/server-policy/Cargo.toml b/linkerd/proxy/server-policy/Cargo.toml
index b6b9c2c2bf..b8cc881a38 100644
--- a/linkerd/proxy/server-policy/Cargo.toml
+++ b/linkerd/proxy/server-policy/Cargo.toml
@@ -10,6 +10,7 @@ publish = false
 proto = ["linkerd-http-route/proto", "linkerd2-proxy-api", "prost-types"]
 
 [dependencies]
+governor = { version = "0.6", default-features = false, features = ["std", "jitter", "quanta"] }
 ipnet = "2"
 http = "0.2"
 prost-types = { version = "0.12", optional = true }
diff --git a/linkerd/proxy/server-policy/src/lib.rs b/linkerd/proxy/server-policy/src/lib.rs
index bee142475b..9f0e098712 100644
--- a/linkerd/proxy/server-policy/src/lib.rs
+++ b/linkerd/proxy/server-policy/src/lib.rs
@@ -1,11 +1,13 @@
 #![deny(rust_2018_idioms, clippy::disallowed_methods, clippy::disallowed_types)]
 #![forbid(unsafe_code)]
 
+use local_rate_limit::HttpLocalRateLimit;
 use std::{hash::Hash, sync::Arc, time};
 
 pub mod authz;
 pub mod grpc;
 pub mod http;
+pub mod local_rate_limit;
 pub mod meta;
 
 pub use self::{
@@ -14,10 +16,11 @@ pub use self::{
 };
 pub use linkerd_http_route as route;
 
-#[derive(Clone, Debug, PartialEq, Eq)]
+#[derive(Clone, Debug)]
 pub struct ServerPolicy {
     pub protocol: Protocol,
     pub meta: Arc<Meta>,
+    pub local_rate_limit: Arc<HttpLocalRateLimit>,
 }
 
 #[derive(Clone, Debug, PartialEq, Eq, Hash)]
@@ -65,6 +68,7 @@ impl ServerPolicy {
                 }]),
                 tcp_authorizations: Arc::new([]),
             },
+            local_rate_limit: Arc::new(HttpLocalRateLimit::default()),
         }
     }
 }
@@ -73,7 +77,7 @@ impl ServerPolicy {
 pub mod proto {
     use super::*;
     use crate::meta::proto::InvalidMeta;
-    use linkerd2_proxy_api::inbound as api;
+    use linkerd2_proxy_api::inbound::{self as api};
 
     #[derive(Debug, thiserror::Error)]
     pub enum InvalidServer {
@@ -131,6 +135,28 @@ pub mod proto {
                 server_ips: _,
             } = proto;
 
+            let local_rate_limit = {
+                match protocol
+                    .clone()
+                    .and_then(|api::ProxyProtocol { kind }| kind)
+                    .ok_or(InvalidServer::MissingProxyProtocol)?
+                {
+                    api::proxy_protocol::Kind::Detect(api::proxy_protocol::Detect {
+                        http_local_rate_limit,
+                        ..
+                    }) => http_local_rate_limit.unwrap_or_default().into(),
+                    api::proxy_protocol::Kind::Http1(api::proxy_protocol::Http1 {
+                        local_rate_limit,
+                        ..
+                    })
+                    | api::proxy_protocol::Kind::Http2(api::proxy_protocol::Http2 {
+                        local_rate_limit,
+                        ..
+                    }) => local_rate_limit.unwrap_or_default().into(),
+                    _ => Default::default(),
+                }
+            };
+
             let authorizations = {
                 // Always permit traffic from localhost.
                 let localhost = Authorization {
@@ -154,6 +180,7 @@ pub mod proto {
                 api::proxy_protocol::Kind::Detect(api::proxy_protocol::Detect {
                     http_routes,
                     timeout,
+                    ..
                 }) => Protocol::Detect {
                     http: mk_routes!(http, http_routes, authorizations.clone())?,
                     timeout: timeout
@@ -162,11 +189,11 @@ pub mod proto {
                     tcp_authorizations: authorizations,
                 },
 
-                api::proxy_protocol::Kind::Http1(api::proxy_protocol::Http1 { routes }) => {
+                api::proxy_protocol::Kind::Http1(api::proxy_protocol::Http1 { routes, .. }) => {
                     Protocol::Http1(mk_routes!(http, routes, authorizations)?)
                 }
 
-                api::proxy_protocol::Kind::Http2(api::proxy_protocol::Http2 { routes }) => {
+                api::proxy_protocol::Kind::Http2(api::proxy_protocol::Http2 { routes, .. }) => {
                     Protocol::Http2(mk_routes!(http, routes, authorizations)?)
                 }
 
@@ -182,7 +209,11 @@ pub mod proto {
             // avoid label inference.
             let meta = Meta::try_new_with_default(labels, "policy.linkerd.io", "server")?;
 
-            Ok(ServerPolicy { protocol, meta })
+            Ok(ServerPolicy {
+                protocol,
+                meta,
+                local_rate_limit: Arc::new(local_rate_limit),
+            })
         }
     }
 }
diff --git a/linkerd/proxy/server-policy/src/local_rate_limit.rs b/linkerd/proxy/server-policy/src/local_rate_limit.rs
new file mode 100644
index 0000000000..7da897b2c0
--- /dev/null
+++ b/linkerd/proxy/server-policy/src/local_rate_limit.rs
@@ -0,0 +1,72 @@
+use governor::{
+    clock::DefaultClock,
+    state::{keyed::DefaultKeyedStateStore, InMemoryState, NotKeyed, RateLimiter},
+    Quota,
+};
+use std::num::NonZeroU32;
+
+#[derive(Debug, Default)]
+pub struct HttpLocalRateLimit {
+    pub total: Option<RateLimiter<NotKeyed, InMemoryState, DefaultClock>>,
+    pub identity: Option<RateLimiter<String, DefaultKeyedStateStore<String>, DefaultClock>>,
+    pub overrides: Vec<HttpLocalRateLimitOverride>,
+}
+
+#[derive(Debug)]
+pub struct HttpLocalRateLimitOverride {
+    pub ids: Vec<String>,
+    pub rate_limit: RateLimiter<Vec<String>, DefaultKeyedStateStore<Vec<String>>, DefaultClock>,
+}
+
+impl Default for HttpLocalRateLimitOverride {
+    fn default() -> Self {
+        Self {
+            ids: vec![],
+            rate_limit: RateLimiter::keyed(Quota::per_second(NonZeroU32::new(1).unwrap())),
+        }
+    }
+}
+
+#[cfg(feature = "proto")]
+pub mod proto {
+    use super::*;
+    use linkerd2_proxy_api::inbound::{self as api};
+
+    impl From<api::HttpLocalRateLimit> for HttpLocalRateLimit {
+        fn from(proto: api::HttpLocalRateLimit) -> Self {
+            let total = proto.total.map(|lim| {
+                let quota = Quota::per_second(NonZeroU32::new(lim.requests_per_second).unwrap());
+                RateLimiter::direct(quota)
+            });
+
+            let identity = proto.identity.map(|lim| {
+                let quota = Quota::per_second(NonZeroU32::new(lim.requests_per_second).unwrap());
+                RateLimiter::keyed(quota)
+            });
+
+            let overrides = proto
+                .overrides
+                .into_iter()
+                .flat_map(|ovr| {
+                    ovr.limit.map(|lim| {
+                        let ids = ovr
+                            .clients
+                            .into_iter()
+                            .flat_map(|cl| cl.identities.into_iter().map(|id| id.name))
+                            .collect();
+                        let quota =
+                            Quota::per_second(NonZeroU32::new(lim.requests_per_second).unwrap());
+                        let rate_limit = RateLimiter::keyed(quota);
+                        HttpLocalRateLimitOverride { ids, rate_limit }
+                    })
+                })
+                .collect();
+
+            Self {
+                total,
+                identity,
+                overrides,
+            }
+        }
+    }
+}