A seat belt retractor with a speed-controlled load limiting device has a belt shaft pivot-mounted in a retractor frame, a blocking device for locking the belt shaft relative to the retractor frame) in the belt extraction direction when a predetermined value of the belt webbing extraction acceleration and/or of vehicle deceleration is exceeded, and at least two toothed elements which, upon activation of the load limiting device move relative to each other. One of the toothed elements performs an oscillatory motion, wherein both parts feature teeth, with which they alternately engage and disengage during the relative motion belt shaft has a first and a second part. The second part can be locked relative to the retractor frame, and each of the toothed elements is allocated to a different part of the belt shaft.