Ответ jcollado можно упростить, используя класс threading.Timer :
import shlex
from subprocess import Popen, PIPE
from threading import Timer
def run(cmd, timeout_sec):
proc = Popen(shlex.split(cmd), stdout=PIPE, stderr=PIPE)
timer = Timer(timeout_sec, proc.kill)
try:
timer.start()
stdout, stderr = proc.communicate()
finally:
timer.cancel()
# Examples: both take 1 second
run("sleep 1", 5) # process ends normally at 1 second
run("sleep 5", 1) # timeout happens at 1 second