1990 E34 535i engine problem?

Hey guys, I've run into a problem with my 535i. The other day I was driving it normally and then out of no where the engine cut out and started sounding like diesel engine..? And after that the car would no longer accelerate normally it would lunge forward and then cut out and do the same process every time i got past 1,500 rpm on the tach. Does anyone have a clue what this could be ? I'm very new to this and stumped any help would be greatly appreciated I want my car back!