Gideros TextWrap object splits string into multiple lines by provided width.
You can also specify line spacing and alignment modes : left, right, center and justify.
And it is completely compatible with existing TextField object methods.
Package contains TextWrap.lua and example Gideros application project.
--limiting text by aproximately 250px
local text = TextWrap.new("String to limit and split in lines", 250, "justify")
text:setLineSpacing(5)
text:setPosition(10,10)
text:setTextColor(0xff0000)
stage:addChild(text)