Since version 3.7.11 SQLite supports enhanced INSERT syntax to allow multiple rows to be inserted via the VALUES clause.
http://www.sqlite.org/releaselog/3_7_11.html
Is there any limit on how many values can be inserted in a single statement? (for e.g. 500)
SQLite handles a multi-row INSERT like a compound SELECT. The limit for that is indeed 500.
However, since version 3.8.8,
According to the official documentation, there are some limits actually:
Maximum Length Of An SQL Statement
The maximum number of bytes in the text of an SQL statement is limited to SQLITE_MAX_SQL_LENGTH which defaults to 1000000 bytes.
Maximum Number Of Host Parameters In A Single SQL Statement
The number of host parameters (aka tokens) - either named, unnamed or numbered - is limited to SQLITE_MAX_VARIABLE_NUMBER, which defaults to 999 items.