diff --git a/config/interpolate_funcs.go b/config/interpolate_funcs.go
index 2a94a8ad6..cbba62d0d 100644
--- a/config/interpolate_funcs.go
+++ b/config/interpolate_funcs.go
@@ -4,6 +4,7 @@ import (
 	"bytes"
 	"fmt"
 	"io/ioutil"
+	"strconv"
 	"strings"
 )
 
@@ -16,6 +17,7 @@ func init() {
 		"file":   interpolationFuncFile,
 		"join":   interpolationFuncJoin,
 		"lookup": interpolationFuncLookup,
+		"element":  interpolationFuncElement,
 	}
 }
 
@@ -87,3 +89,26 @@ func interpolationFuncLookup(
 
 	return v, nil
 }
+
+// interpolationFuncElement implements the "element" function that allows
+// a specific index to be looked up in a multi-variable value. Note that this will
+// wrap if the index is larger than the number of elements in the multi-variable value.
+func interpolationFuncElement(
+	vs map[string]string, args ...string) (string, error) {
+	if len(args) != 2 {
+		return "", fmt.Errorf(
+			"element expects 2 arguments, got %d", len(args))
+	}
+
+	list := strings.Split(args[0], InterpSplitDelim)
+
+	index, err := strconv.Atoi(args[1])
+	if err != nil {
+		return "", fmt.Errorf(
+			"invalid number for index, got %s", args[1])
+	}
+
+	v := list[index % len(list)]
+
+	return v, nil
+}
diff --git a/config/interpolate_funcs_test.go b/config/interpolate_funcs_test.go
index 93bb979c9..332b9af4b 100644
--- a/config/interpolate_funcs_test.go
+++ b/config/interpolate_funcs_test.go
@@ -189,3 +189,48 @@ func TestInterpolateFuncLookup(t *testing.T) {
 		}
 	}
 }
+
+func TestInterpolateFuncElement(t *testing.T) {
+	cases := []struct {
+		Args   []string
+		Result string
+		Error  bool
+	}{
+		{
+			[]string{"foo" + InterpSplitDelim + "baz", "1"},
+			"baz",
+			false,
+		},
+
+		{
+			[]string{"foo", "0"},
+			"foo",
+			false,
+		},
+
+		// Invalid index should wrap vs. out-of-bounds
+		{
+			[]string{"foo" + InterpSplitDelim + "baz", "2"},
+			"foo",
+			false,
+		},
+
+		// Too many args
+		{
+			[]string{"foo" + InterpSplitDelim + "baz", "0", "1"},
+			"",
+			true,
+		},
+	}
+
+	for i, tc := range cases {
+		actual, err := interpolationFuncElement(nil, tc.Args...)
+		if (err != nil) != tc.Error {
+			t.Fatalf("%d: err: %s", i, err)
+		}
+
+		if actual != tc.Result {
+			t.Fatalf("%d: bad: %#v", i, actual)
+		}
+	}
+}
diff --git a/website/source/docs/configuration/interpolation.html.md b/website/source/docs/configuration/interpolation.html.md
index c0fe3372f..326d155fb 100644
--- a/website/source/docs/configuration/interpolation.html.md
+++ b/website/source/docs/configuration/interpolation.html.md
@@ -74,3 +74,10 @@ The supported built-in functions are:
 
   * `lookup(map, key)` - Performs a dynamic lookup into a mapping
       variable.
+
+  * `element(list, index)` - Returns a single element from a list
+      at the given index. If the index is greater than the number of
+      elements, this function will wrap using a standard mod algorithm.
+      A list is only possible with splat variables from resources with
+      a count greater than one.
+      Example: `element(aws_subnet.foo.*.id, count.index)`