Well it actually depends on where you're looking for it.
In modeller, it appears where r4s1n says - in the options panel. You're not restricted to any particular maximum value, but remember that the higher you set this the heavier the object will become to render.
In Lightwave there are two settings in the object properties panel (select an object and hit 'p'). The 'Display subpatch level' will set the number of subdivisions in the layout's openGL display. The 'Render subpatch level' will be the number of subdivisions you get in the final render.
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