If you do not have a VFD, you cannot accomplish dynamic braking. For dynamic braking to take place, the motor must regenerate and when it does, the kinetic energy in the rotation mass is converted to heat, which loads down the motor and slows it down. But to regenerate, an induction motor must be excited (windings are electromagnets) and the relative frequency of the excitation power must be lower than the rotational speed. So to make that happen, a VFD constantly lowers its output frequency to keep it lower than the rotational speed and keep the motor in regeneration. Without that, it can't happen.
Your choices are DC injection braking or mechanical braking.
DC injectionBraking pumps DC into one winding and sets up a stationary magnetic field, so the rotor attempts to align with it and come to a stop. With this method however, the kinetic energy in that rotating mass becomes heat in the rotor, so you have to be careful about how long you do it and how often. You can buy stand-alone DC injection brakes from Motortronics in Florida.
Mechanical brake is just like disc brakes in your car. The energy in the load becomes friction heat in the brakes. Stearns brakes are a good choice.
Pick your poison, but do it wisely. Forget the dynamic braking though, unless you are willing to add a VFD.