The NEC will REQUIRE that the conductors be sized for the max input amps of the VFD, regardless of the size of the motor it is connected to. So on a 156A rated PowerFlex drive, the maximum input amps is 146.5 (it is lower than the output because the output amps includes power factor, input does not). Article 430.122 (if you are on the 2011 code still) then says your conductors must be rated for 184A, making them; 3/0 in must cases and that's as far as you need to take it.
If however your area has adopted the 2014 code, then a new addition is Article 430.128, which dictates that the DISCONNECTING device must also be sized based upon the VFD max amp rating, not the motor. Then 430.130 goes on to say that the OCPD can be sized per the motor, or per the VFD mfr requirements as stated. If you are using a Circuit Breaker and both the OCPD and the disconnect, you have to pay attention to the frame rating of the breaker, not just the trip rating. Generally you will end up there anyway, just pay attention to it.
So bottom line if we assume this is a 100HP 460V motor with a chart FLA of 124A (because you said "125A"), the NEC per 430.52 would allow a CB to be as high as 300A for the MOTOR. The VFD is rated for 156A, so (again assuming A-B), the MAXIMUM breaker size per the instruction manual is 450A for the VFD, so a 300A CB would be no problem and since the input amps for the 156A drive is 147A, 115% of that is only 169A so again, no problem on the 430.128 disconnect sizing either.
If you use fuses though, it's a little different. The max. time delay fuse size for the motor per 430.52 is 217A (round up to next size so 225A). But for the 156A VFD, the MINIMUM fuse size is 200A, so I would use the 200A fuse in a 200A disconnect to avoid having to go with a 400A disconnect to hold 225A fuses.