I) Concerning an action principle $S=\int\!dt~ L$, let us assume that the Lagrangian is of the form
$$\tag{1} L~=~T-U,$$
where $T$ is the kinetic term, and $U({\bf r},\dot{\bf r}, \ddot{\bf r},\dddot{\bf r}, \ldots;t)$ is a generalized potential, which we would like to find. The generalized potential $U$ should satisfy
$$\tag{2} {\bf F}~=~-\frac{\partial U}{\partial {\bf r}}
+\frac{d}{dt}\frac{\partial U}{\partial \dot{\bf r}}
-\frac{d^2}{dt^2}\frac{\partial U}{\partial \ddot{\bf r}}
+\frac{d^3}{dt^3}\frac{\partial U}{\partial \dddot{\bf r}} - \ldots, $$
where ${\bf F}({\bf r},\dot{\bf r}, \ddot{\bf r}, \dddot{\bf r}, \ldots;t)$ is a given total force on the point particle.
II) Let us for fun consider a force proportional to the $n$'th time-derivative of the position
$$\tag{3} {\bf F}~=~-k \frac{d^n{\bf r}}{dt^n} $$
for any non-negative integer $n\in\mathbb{N}_0$. For an even integer $n$, we can use the generalized potential
$$\tag{4} U~=~ (-1)^{\frac{n}{2}}\frac{k}{2} \left(\frac{d^{\frac{n}{2}}{\bf r}}{dt^{\frac{n}{2}}} \right)^2. $$
The case $n=0$ of a force proportional to the position
$$\tag{5} {\bf F}~=~-k {\bf r}, \qquad U ~=~\frac{k}{2}{\bf r}^2, \qquad k~>~0, $$
is the well-known Hooke's law/harmonic oscillator.
The case $n=2$ of an applied force proportional to the acceleration
$$\tag{6} {\bf F}~=~-k \ddot{\bf r}, \qquad U ~=~-\frac{k}{2}\dot{\bf r}^2, \qquad $$
behaves like a (non-relativistic) kinetic term.
The case $n=1$ of a friction force proportional to the velocity
$$\tag{7} {\bf F}~=~-k \dot{\bf r}, \qquad k~>~0,$$
is discussed in e.g. this Phys.SE post and this mathoverflow post. More generally, using very similar methods as in these two posts, one may show that it is impossible to assign a generalized potential $U$ to the force (3) for any odd positive integer $n$. So in particular, the case $n=3$, the Abraham-Lorentz force $^1$ proportional to the jerk
$$\tag{8} {\bf F}~=~-k \dddot{\bf r}\qquad k~<~0,$$
does not have a generalized potential $U$.
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$^1$ However, see also this related Phys.SE post.