diff --git a/src/lightning/fabric/CHANGELOG.md b/src/lightning/fabric/CHANGELOG.md
index ab6f0f4971f27..0024c5ae82785 100644
--- a/src/lightning/fabric/CHANGELOG.md
+++ b/src/lightning/fabric/CHANGELOG.md
@@ -17,9 +17,10 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 ### Changed
 
-- Rename `lightning run model` to `fabric run model` ([#19442](https://github.com/Lightning-AI/pytorch-lightning/pull/19442))
+- Renamed `lightning run model` to `fabric run model` ([#19442](https://github.com/Lightning-AI/pytorch-lightning/pull/19442))
 
--
+
+- The `Fabric.rank_zero_first` context manager now uses a barrier without timeout to avoid long-running tasks to be interrupted ([#19448](https://github.com/Lightning-AI/lightning/pull/19448))
 
 -
 
diff --git a/src/lightning/fabric/fabric.py b/src/lightning/fabric/fabric.py
index bc07e633a911e..9bbd7b47a144d 100644
--- a/src/lightning/fabric/fabric.py
+++ b/src/lightning/fabric/fabric.py
@@ -65,7 +65,7 @@
     has_iterable_dataset,
 )
 from lightning.fabric.utilities.device_dtype_mixin import _update_properties
-from lightning.fabric.utilities.distributed import DistributedSamplerWrapper
+from lightning.fabric.utilities.distributed import DistributedSamplerWrapper, _InfiniteBarrier
 from lightning.fabric.utilities.imports import _TORCH_GREATER_EQUAL_2_0
 from lightning.fabric.utilities.rank_zero import rank_zero_deprecation, rank_zero_warn
 from lightning.fabric.utilities.registry import _load_external_callbacks
@@ -632,12 +632,12 @@ def rank_zero_first(self, local: bool = False) -> Generator:
 
         """
         rank = self.local_rank if local else self.global_rank
-        if rank > 0:
-            self.barrier()
-        yield
-        if rank == 0:
-            self.barrier()
-        self.barrier()
+        with _InfiniteBarrier() as barrier:
+            if rank > 0:
+                barrier()
+            yield
+            if rank == 0:
+                barrier()
 
     def no_backward_sync(self, module: _FabricModule, enabled: bool = True) -> ContextManager:
         r"""Skip gradient synchronization during backward to avoid redundant communication overhead.
diff --git a/src/lightning/fabric/utilities/distributed.py b/src/lightning/fabric/utilities/distributed.py
index 16157c66274be..30bfe4e254a07 100644
--- a/src/lightning/fabric/utilities/distributed.py
+++ b/src/lightning/fabric/utilities/distributed.py
@@ -3,6 +3,7 @@
 import os
 import time
 from contextlib import nullcontext
+from datetime import timedelta
 from pathlib import Path
 from typing import TYPE_CHECKING, Any, Iterable, Iterator, List, Optional, Sized, Union
 
@@ -11,7 +12,7 @@
 from lightning_utilities.core.imports import package_available
 from torch import Tensor
 from torch.utils.data import Dataset, DistributedSampler, Sampler
-from typing_extensions import override
+from typing_extensions import Self, override
 
 from lightning.fabric.utilities.cloud_io import _is_local_file_protocol
 from lightning.fabric.utilities.data import _num_cpus_available
@@ -383,3 +384,32 @@ def _distributed_is_initialized() -> bool:
     # https://github.com/pytorch/pytorch/blob/v2.1.0/torch/distributed/__init__.py#L25
     # this might happen to MacOS builds from source (default) or any build from source that sets `USE_DISTRIBUTED=0`
     return torch.distributed.is_available() and torch.distributed.is_initialized()
+
+
+class _InfiniteBarrier:
+    """A barrier with an infinite timeout.
+
+    Creates a new process group with the GLOO backend with a very high timeout that makes the barrier effectively wait
+    forever. This is useful in cases where you want to execute a long-running operation on a subset of ranks that should
+    not be subject to the regular collective timeout.
+
+    """
+
+    def __init__(self) -> None:
+        self.group = None
+        self.barrier = lambda: None
+
+    def __call__(self) -> None:
+        self.barrier()
+
+    def __enter__(self) -> Self:
+        if _distributed_is_initialized():
+            # Create a barrier with an 'infinite' timeout (only reliably possible over the GLOO backend)
+            self.group = torch.distributed.new_group(backend="gloo", timeout=timedelta(days=10000))
+            self.barrier = self.group.monitored_barrier
+        return self
+
+    def __exit__(self, exc_type: Any, exc_value: Any, traceback: Any) -> None:
+        self.barrier()
+        if self.group is not None:
+            torch.distributed.destroy_process_group(self.group)
diff --git a/src/lightning/pytorch/CHANGELOG.md b/src/lightning/pytorch/CHANGELOG.md
index f0de46f3fda16..4cad518eca057 100644
--- a/src/lightning/pytorch/CHANGELOG.md
+++ b/src/lightning/pytorch/CHANGELOG.md
@@ -16,7 +16,7 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 ### Changed
 
--
+- The `prepare_data()` hook in `LightningModule` and `LightningDataModule` is now subject to a barrier without timeout to avoid long-running tasks to be interrupted ([#19448](https://github.com/Lightning-AI/lightning/pull/19448))
 
 -
 
diff --git a/src/lightning/pytorch/trainer/connectors/data_connector.py b/src/lightning/pytorch/trainer/connectors/data_connector.py
index 1bc63c62c561f..8d9b5e82cbc94 100644
--- a/src/lightning/pytorch/trainer/connectors/data_connector.py
+++ b/src/lightning/pytorch/trainer/connectors/data_connector.py
@@ -27,7 +27,7 @@
     has_iterable_dataset,
     suggested_max_num_workers,
 )
-from lightning.fabric.utilities.distributed import DistributedSamplerWrapper
+from lightning.fabric.utilities.distributed import DistributedSamplerWrapper, _InfiniteBarrier
 from lightning.pytorch.overrides.distributed import UnrepeatedDistributedSamplerWrapper
 from lightning.pytorch.trainer import call
 from lightning.pytorch.trainer.states import RunningStage, TrainerFn
@@ -87,17 +87,18 @@ def prepare_data(self) -> None:
         datamodule = trainer.datamodule
         lightning_module = trainer.lightning_module
         # handle datamodule prepare data:
-        # check for prepare_data_per_node & datamodule lifecycle properties before calling datamodule.prepare_data
-        if datamodule is not None:
-            dm_prepare_data_per_node = datamodule.prepare_data_per_node
-            if (dm_prepare_data_per_node and local_rank_zero) or (not dm_prepare_data_per_node and global_rank_zero):
-                call._call_lightning_datamodule_hook(trainer, "prepare_data")
+        if datamodule is not None and is_overridden("prepare_data", datamodule):
+            prepare_data_per_node = datamodule.prepare_data_per_node
+            with _InfiniteBarrier():
+                if (prepare_data_per_node and local_rank_zero) or (not prepare_data_per_node and global_rank_zero):
+                    call._call_lightning_datamodule_hook(trainer, "prepare_data")
+
         # handle lightning module prepare data:
-        # check for prepare_data_per_node before calling lightning_module.prepare_data
-        if lightning_module is not None:
-            lm_prepare_data_per_node = lightning_module.prepare_data_per_node
-            if (lm_prepare_data_per_node and local_rank_zero) or (not lm_prepare_data_per_node and global_rank_zero):
-                call._call_lightning_module_hook(trainer, "prepare_data")
+        if lightning_module is not None and is_overridden("prepare_data", lightning_module):
+            prepare_data_per_node = lightning_module.prepare_data_per_node
+            with _InfiniteBarrier():
+                if (prepare_data_per_node and local_rank_zero) or (not prepare_data_per_node and global_rank_zero):
+                    call._call_lightning_module_hook(trainer, "prepare_data")
 
     def attach_data(
         self,
diff --git a/tests/tests_fabric/test_fabric.py b/tests/tests_fabric/test_fabric.py
index 2c860eb45d78d..5eb39a0ad4b91 100644
--- a/tests/tests_fabric/test_fabric.py
+++ b/tests/tests_fabric/test_fabric.py
@@ -16,6 +16,7 @@
 from unittest import mock
 from unittest.mock import ANY, MagicMock, Mock, PropertyMock, call
 
+import lightning.fabric
 import pytest
 import torch
 import torch.distributed
@@ -1129,7 +1130,7 @@ def test_all_reduce():
     fabric._strategy.all_reduce.assert_has_calls([call(torch.tensor(4), **defaults), call(torch.tensor(5), **defaults)])
 
 
-def test_rank_zero_first():
+def test_rank_zero_first(monkeypatch):
     """Test that rank 0 completes first before all other processes can execute under `.rank_zero_first()`."""
 
     def record_calls_for_rank(rank):
@@ -1137,7 +1138,8 @@ def record_calls_for_rank(rank):
 
         fabric = Fabric()
         fabric._strategy = Mock(global_rank=rank)
-        fabric.barrier = Mock(side_effect=lambda *_: call_order.append("barrier"))
+        barrier_mock = MagicMock(side_effect=lambda *_: call_order.append("barrier"))
+        monkeypatch.setattr(lightning.fabric.utilities.distributed._InfiniteBarrier, "__call__", barrier_mock)
         target = Mock(run=Mock(side_effect=lambda *_: call_order.append("run")))
 
         with fabric.rank_zero_first():
@@ -1145,8 +1147,8 @@ def record_calls_for_rank(rank):
 
         return call_order
 
-    assert record_calls_for_rank(0) == ["run", "barrier", "barrier"]
-    assert record_calls_for_rank(1) == ["barrier", "run", "barrier"]
+    assert record_calls_for_rank(0) == ["run", "barrier"]
+    assert record_calls_for_rank(1) == ["barrier", "run"]
 
 
 @pytest.mark.parametrize(("clip_val", "max_norm"), [(1e-3, None), (None, 1)])
diff --git a/tests/tests_fabric/utilities/test_distributed.py b/tests/tests_fabric/utilities/test_distributed.py
index 4badff47403eb..130286bb6c17d 100644
--- a/tests/tests_fabric/utilities/test_distributed.py
+++ b/tests/tests_fabric/utilities/test_distributed.py
@@ -13,6 +13,7 @@
 from lightning.fabric.strategies.launchers.multiprocessing import _MultiProcessingLauncher
 from lightning.fabric.utilities.distributed import (
     _gather_all_tensors,
+    _InfiniteBarrier,
     _set_num_threads_if_needed,
     _suggested_max_num_threads,
     _sync_ddp,
@@ -196,3 +197,30 @@ def test_set_num_threads_if_needed(_, set_num_threads_mock, num_processes, expec
     _set_num_threads_if_needed(1)
     set_num_threads_mock.assert_not_called()
     assert os.environ["OMP_NUM_THREADS"] == str(expected)
+
+
+def test_infinite_barrier():
+    # distributed not available
+    barrier = _InfiniteBarrier()
+    assert barrier.group is None
+    with mock.patch("lightning.fabric.utilities.distributed._distributed_is_initialized", return_value=False):
+        barrier.__enter__()
+        assert barrier.group is None
+        barrier()
+        barrier.__exit__(None, None, None)
+        assert barrier.group is None
+
+    # distributed available
+    barrier = _InfiniteBarrier()
+    with mock.patch(
+        "lightning.fabric.utilities.distributed._distributed_is_initialized", return_value=True
+    ), mock.patch("lightning.fabric.utilities.distributed.torch.distributed") as dist_mock:
+        barrier.__enter__()
+        dist_mock.new_group.assert_called_once()
+        assert barrier.barrier == barrier.group.monitored_barrier
+        assert barrier.barrier.call_count == 0
+        barrier()
+        assert barrier.barrier.call_count == 1
+        barrier.__exit__(None, None, None)
+        assert barrier.barrier.call_count == 2
+        dist_mock.destroy_process_group.assert_called_once()
diff --git a/tests/tests_pytorch/core/test_datamodules.py b/tests/tests_pytorch/core/test_datamodules.py
index 2e021537c93b9..583271e81968e 100644
--- a/tests/tests_pytorch/core/test_datamodules.py
+++ b/tests/tests_pytorch/core/test_datamodules.py
@@ -40,7 +40,13 @@
 @mock.patch("lightning.pytorch.trainer.trainer.Trainer.node_rank", new_callable=PropertyMock)
 @mock.patch("lightning.pytorch.trainer.trainer.Trainer.local_rank", new_callable=PropertyMock)
 def test_can_prepare_data(local_rank, node_rank):
-    dm = Mock(spec=LightningDataModule)
+    class MyDataModule(LightningDataModule):
+        def prepare_data(self):
+            pass
+
+    dm = MyDataModule()
+    dm.prepare_data = Mock(wraps=dm.prepare_data)
+
     dm.prepare_data_per_node = True
     trainer = Trainer()
     trainer.datamodule = dm
@@ -56,7 +62,7 @@ def test_can_prepare_data(local_rank, node_rank):
     dm.prepare_data.assert_called_once()
 
     # local rank = 1   (False)
-    dm.reset_mock()
+    dm.prepare_data.reset_mock()
     local_rank.return_value = 1
     assert trainer.local_rank == 1
 
@@ -65,7 +71,7 @@ def test_can_prepare_data(local_rank, node_rank):
 
     # prepare_data_per_node = False (prepare across all nodes)
     # global rank = 0   (True)
-    dm.reset_mock()
+    dm.prepare_data.reset_mock()
     dm.prepare_data_per_node = False
     node_rank.return_value = 0
     local_rank.return_value = 0
@@ -74,7 +80,7 @@ def test_can_prepare_data(local_rank, node_rank):
     dm.prepare_data.assert_called_once()
 
     # global rank = 1   (False)
-    dm.reset_mock()
+    dm.prepare_data.reset_mock()
     node_rank.return_value = 1
     local_rank.return_value = 0
 
@@ -465,6 +471,10 @@ class CustomBoringDataModule(BoringDataModule):
         def state_dict(self):
             return {"temp": 1}
 
+        # override so that it gets called
+        def prepare_data(self):
+            pass
+
     model = BoringModel()
     dm = CustomBoringDataModule()
     trainer = get_trainer()
diff --git a/tests/tests_pytorch/models/test_hooks.py b/tests/tests_pytorch/models/test_hooks.py
index 9d02d37368c46..c8824a1820e63 100644
--- a/tests/tests_pytorch/models/test_hooks.py
+++ b/tests/tests_pytorch/models/test_hooks.py
@@ -48,6 +48,10 @@ def call(hook, fn, *args, **kwargs):
             update_wrapper(partial_h, attr)
             setattr(self, h, partial_h)
 
+    # override so that it gets called
+    def prepare_data(self):
+        ...
+
 
 @pytest.mark.parametrize("max_steps", [1, 2, 3])
 def test_on_before_zero_grad_called(tmpdir, max_steps):
@@ -407,6 +411,10 @@ def on_test_model_train(self):
     def on_predict_model_train(self):
         ...
 
+    # override so that it gets called
+    def prepare_data(self):
+        ...
+
 
 @pytest.mark.parametrize(
     "kwargs",