My use case is such that I\'ll have an AWS Lambda front ended with API Gateway.
My requirement is that once the Lambda is invoked it should return a 200 OK response
Yes, simply create two Lambda functions. The first Lambda function will be called by the API Gateway and will simply invoke the second Lambda function and then immediately return successfully so that the API Gateway can respond with an HTTP 200 to the client. The second Lambda function will then take as long as long as it needs to complete.