The temperature of an object depends on the rate that heat is being added to the object and the heat that the object is losing heat to its surroundings. If you have some object at a temperature $T$ then the rate of heat loss is given by:
$$ W = kT + \sigma T^4 $$
where the first term on the right comes from Newton's law of cooling and the second term from the Stefan-Boltzmann law.
The maximum temperature of the object will be when the power radiated is equal to the power being supplied, so if the EM waves you are directing on the object have a power $P$ the maximum temperature is given by solving the equation:
$$ P = kT + \sigma T^4 $$
At very high temperatures the radiative cooling will dominate and the equation simplifies to the approximate equation:
$$ P \approx \sigma T^4 $$
or:
$$ T \approx \sqrt[4]{\frac{P}{\sigma}} $$
So, no, the temperature won't rise indefinitely. It will reach a maximum value given by the equation above.