Burst throttling methods may be used manage computing resources of a data storage service. Tokens may represent I/O operations executed by a customer of the data storage service. A global token bucket may contain a set of tokens representing the overall I/O operation capacity of the data storage service. Additionally, a work token bucket may contain a set of tokens for a given logical volume maintained by the data storage service. When I/O requests are received the data storage service may dynamically determine an amount of tokens to be removed from the global token bucket and/or work token bucket for each received request. Furthermore, if there is sufficient capacity the data storage service may charge a reduced number of tokens to the work token bucket.