Laser-induced breakdown in thin foils and gasses have been used to limit transmission at high laser powers in order to prevent damage to sensitive optical components in complex laser systems. In this paper we report results of using self-focusing in liquids to produce laser-induced breakdown and phase aberrations which in turn limit the transmitted power. Optical self-action in CS₂ and other liquids was used to make a power limiting device with psec response time. This device has linear response near unity transmission for input power below P_C, which is of the order of the critical power for self-focusing, and limits the transmitted power to a nearly constant value for input power greater than P_C. The onset of nonlinear transmission was adjusted by mixing various liquids to adjust n₂. Experimental results using linearly and circularly polarized, 40 psec (FWHM) pulses at 1.06 μm are presented.