A variable current limiter, a power supply and a method of operating a non-isolated voltage converter are disclosed herein. In one embodiment, the variable current limiter includes: (1) a converter controller configured to regulate an output voltage of a non-isolated voltage converter and limit an output current thereof and (2) a limit provider configured to provide a variable output current limit that inversely varies with the output voltage, the converter controller configured to employ the variable output current limit to limit the output current.