Yes, the Web Service call has a timeOut field (in the PRO options) but the REST step has not. You will have to adjust the lisa.http.timeout.connection and set it to 120000 milliseconds. Snippet from the DevTest documentation:
HTTP timeout (in milliseconds) - To extend the timeout to wait indefinitely, set the values to zero.
Default: 15000
If you are testing this from your workstation then edit your local.properties file and add:
lisa.http.timeout.connection=120000
Then restart your workstation and test.
Obviously the side-effect of changing local.properties is that now all your http calls will have this time out. So, as soon as you have validated that this property allows you to implement your requirement, BUT for actual testing you only want this testcase to have this time-out value then you can think of adding an execute script step before the REST step and add:
testExec.setStateValue("lisa.http.timeout.connection",120000);
And take the line out of local.properties so that it defaults back to 15 seconds.
Cheers,
Danny