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Did some digging and found this old post. Confirmed it works. Hope this helps if you need it.
Go to your 'My Documents' (typically just called 'Documents' in Windows Vista/7/8 ) folder. Then go to Elder Scrolls Online > Live. In the Live folder you will find a file called UserSettings.txt. Open this.
In that text file you will find a line: SET MinFrameTime.2 "0.01000000"
To cap your framerate to a specific value, that ^ setting can be changed to a value equal to 1 divided by the target framerate. For example, if you wanted to cap the framerate to 40 FPS, the value you would use is 1 / 40 = 0.025.
SET MinFrameTime.2 "0.02500000"
That is what you would change that line to in order to cap framerate at 40FPS. Save the text file when you're done, of course, and make sure both ESO and the launcher are closed when you do this.
Edited by darkkterror_ESO on April 10, 2014 12:10PM