Is there a way in OD to set the max call duration and capture the event inside the OD application?

For a voice call? Are you asking how long the call lasted? That would be something you would find in reports on Experience Portal. OD does not keep track of that.

This would be for a voice call. What I'm asking is we have a set call duration for a give call say 5 minutes. If a caller remains on a call performing self-service features over the 5 min limit, I would think there is a mechanism to trigger this event. It seems odd to me that an IVR application can't throw an error for exceeding a max call duration and have the ability to play a message to the caller before disconnecting the call.

I'm assuming there is a default max call duration that is set in AEP is there? If there is, is there a way to override it in the application, similar to overriding the fetchtimeout parameter?

Oh ok. I might have read your question wrong. You can do this, but you need to do it in CCXML. You can send an event to yourself using the CCXML <send> command with a delay of 5 mins. When that event triggers, you send a custom event into your app. Check out some of our CCXML sample apps, specifically the CallingCard app for examples on how that might be done.
As far as an official mechanism on the platform, there is nothing for that.