I've had a second one pop literally 45 seconds after the first one was killed.
He can spawn at any time when Nagafen is down, and his timer is 0-72 hours.
It's possible, but very rare.
Edit: Also, Nagafen spawning will depop Ragefire. Even if already engaged in combat.
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[60 Grandmaster] Aaradin (Iksar) <Riot>
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