There isn't a cap on life steal.
There are also champions in existence with %life steal steroids in their kit than can easily break any artificial cap certain item builds bestow, so highest life-steal possible is dependent on being the champion with the best steroid of such types.
Also worth noting a lot of not-technically lifesteal sustain exists. The vast majority of fighters and tanks in LoL have some sort of self-sustain buff. Sometimes it's a minor HP/5 thing, sometimes it's life-steal, sometimes it's stronger than life-steal.
Throughout the years max life-steal has fluctuated a lot. With pre-rework Sion his rank 3 ultimate offered 100% life steal, and with season 1 Bloodthirster's you could stack those for 25% life steal 6 times, for a total of 250% life steal.
Finally:
's passive modifies you're total life steal and spell vamp, increasing both by 30% (along with any other effect that's essentially life steal or spell vamp: like Death's Dance). SV also updates all life-steal/spell vamp numbers on your GUI, and if you're interested in sustain: it does bolster HP/5, self-healing, support heals, healing potions, health relics, fountain healing, and anything that restores your HP outside of directly increasing your HP pool.