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Limiter

A device that prevents the signal from exceeding a set level, with a very high ratio and a fast attack so peaks are held flat rather than compressed gradually.

Where a compressor reduces dynamics over a range, a limiter is a hard ceiling: anything above the threshold is turned down almost immediately, which protects the equipment after it and stops a signal from clipping. In a guitar rig it is most often found in a rack or an amplifier's output stage, guarding against the spikes that can damage a speaker or a digital input. Used deliberately it produces a very even, sustain-heavy sound in which nothing sticks out.

Example: A very even lead tone in which hard picking produces no extra volume at all has probably been squeezed by a limiter.

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