diff --git a/lib/ansible/modules/cloud/amazon/ec2_ami_facts.py b/lib/ansible/modules/cloud/amazon/ec2_ami_facts.py
index 5037337286c..882dbc52b5a 100644
--- a/lib/ansible/modules/cloud/amazon/ec2_ami_facts.py
+++ b/lib/ansible/modules/cloud/amazon/ec2_ami_facts.py
@@ -127,7 +127,7 @@ images:
       sample: machine
     launch_permissions:
       description: launch permissions of the ami
-      returned: always
+      returned: when image is owned by calling account
       type: complex
       sample: [{"group": "all"}, {"user_id": "408466080000"}]
     name:
@@ -189,21 +189,44 @@ from ansible.module_utils.ec2 import (boto3_conn, ec2_argument_spec, get_aws_con
 def list_ec2_images(ec2_client, module):
 
     image_ids = module.params.get("image_ids")
-    filters = ansible_dict_to_boto3_filter_list(module.params.get("filters"))
     owners = module.params.get("owners")
     executable_users = module.params.get("executable_users")
+    filters = module.params.get("filters")
+    owner_param = []
+
+    # describe_images is *very* slow if you pass the `Owners`
+    # param (unless it's self), for some reason.
+    # Converting the owners to filters and removing from the
+    # owners param greatly speeds things up.
+    # Implementation based on aioue's suggestion in #24886
+    for owner in owners:
+        if owner.isdigit():
+            if 'owner-id' not in filters:
+                filters['owner-id'] = list()
+            filters['owner-id'].append(owner)
+        elif owner == 'self':
+            # self not a valid owner-alias filter (https://docs.aws.amazon.com/AWSEC2/latest/APIReference/API_DescribeImages.html)
+            owner_param.append(owner)
+        else:
+            if 'owner-alias' not in filters:
+                filters['owner-alias'] = list()
+            filters['owner-alias'].append(owner)
+
+    filters = ansible_dict_to_boto3_filter_list(filters)
 
     try:
-        images = ec2_client.describe_images(ImageIds=image_ids, Filters=filters, Owners=owners, ExecutableUsers=executable_users)
+        images = ec2_client.describe_images(ImageIds=image_ids, Filters=filters, Owners=owner_param, ExecutableUsers=executable_users)
         images = [camel_dict_to_snake_dict(image) for image in images["Images"]]
-        for image in images:
-            launch_permissions = ec2_client.describe_image_attribute(Attribute='launchPermission', ImageId=image['image_id'])['LaunchPermissions']
-            image['launch_permissions'] = [camel_dict_to_snake_dict(perm) for perm in launch_permissions]
     except (ClientError, BotoCoreError) as err:
         module.fail_json_aws(err, msg="error describing images")
-
     for image in images:
-        image['tags'] = boto3_tag_list_to_ansible_dict(image.get('tags', []), 'key', 'value')
+        try:
+            image['tags'] = boto3_tag_list_to_ansible_dict(image.get('tags', []))
+            launch_permissions = ec2_client.describe_image_attribute(Attribute='launchPermission', ImageId=image['image_id'])['LaunchPermissions']
+            image['launch_permissions'] = [camel_dict_to_snake_dict(perm) for perm in launch_permissions]
+        except (ClientError, BotoCoreError) as err:
+            # describing launch permissions of images owned by others is not permitted, but shouldn't cause failures
+            pass
 
     module.exit_json(images=images)