Limits are configured using
VBoxManage bandwidthctl "VM name" add Limit --type disk --limit 20M VBoxManage storageattach "VM name" --storagectl "SATA" --port 0 --device 0 --type hdd --medium disk1.vdi --bandwidthgroup Limit VBoxManage storageattach "VM name" --storagectl "SATA" --port 1 --device 0 --type hdd --medium disk2.vdi --bandwidthgroup Limit
All disks in a group share the bandwidth limit, meaning that in the example above the bandwidth of both images combined can never exceed 20 MBps. However, if one disk does not require bandwidth the other can use the remaining bandwidth of its group.
The limits for each group can be changed while the VM is running, with changes being picked up immediately. The example below changes the limit for the group created in the example above to 10 MBps:
VBoxManage bandwidthctl "VM name" set Limit --limit 10M