bash
4.4 will have an interesting new type of parameter expansion that simplifies Charles Duffy’s answer.
#!/bin/bash
num_procs=$1
num_iters=$2
num_jobs="\j" # The prompt escape for number of jobs currently running
for ((i=0; i<num_iters; i++)); do
while (( ${num_jobs@P} >= num_procs )); do
wait -n
done
python foo.py "$i" arg2 &
done