30,000 miles on the vehicle. I've had zero problems with it until today. Of course, it's just 4 months out of warranty. LOL.
I was on my way home and stopped by a restaurant to grab some food. Got the truck started and drove for less than 1/4 mile when it lost power. Yep, money light was on as well as VSC light. The truck basically went into a "limp mode". It was raining hard and I decided to slowly drive it home as it was only 5 miles away.
Got home, scanned the trouble codes: P2440 and P2442. The codes say that Bank 1 and Bank 2 Secondary Air Injection Valves stuck open. I cleared the codes, test drove it and everything is back to normal.
A quick search brought tons of similar problems but mostly with older V8 engines. I can't find anything similar for the 5th gen. 4Runners. What really puzzles me is why both banks failed at the same time? I understand what the air injection does but I can't find any info on what exactly sets the codes. I suspect the injection valve has some kind of a feedback pressure transducer or a proximity switch to verify valve opening and closing or to verify the valve being modulated thus providing proper air pressure. Does anyone know how exactly it works?
If the feedback is based on a reading from a pressure transducer, then a faulty air pump or a pump relay (or ECM output) can cause air pressure problems on both air valves. This is my thinking but I may be wrong.
Have any of you guys experienced a similar problem with your 5th gen. 4Runner?
I wonder if there is a TSB on this? I will only take the car to a stealer if Toyota covers the repair somehow.

The air injection pumps are under the "emissions" portion of the warranty and there are specific components that are covered 8 years 80k. Call your dealers service department and ask. They should be able to tell you over the phone

Thanks, Bart.
I thought they only covered the catalytic converters only. At this point, I'll drive it and see if this happens again. I do have a Scangauge II installed to monitor transmission temps. Yesterday I learned that it can scan and reset trouble codes as well. It's good to know because a friend borrowed my OBD2 scanner but I had no chance to get it back yet.
I'm still trying to figure out what could cause both banks to fail. I did check the air pump for signs of water intrusion. The small foam filter was clean and bone dry.