To brake the motor rather than say that you drive the motor past synchronous speed, it is better to think of it as lowering the synchronous speed (using the VFD) below that of the "load" which continues at speed due to momentum etc.
What happens within the machine is easier to describe in terms of a dc motor. The current, I, can be found from the equation Vs = E + IR, where:
Vs is the supply voltage,
E is the back emf which helps limit the current,
R is the motor resistance.
This is the motoring equation and current is flowing into the motor when I is +ve.
The important bit to remember is that the back emf E is proportional to speed.
If you now lower the supply voltage faster than the load can decelerate, then E will exceed Vs and I must become negative, i.e. it is reversed and flows back into the supply. Power flow is reversed and the "load" has to supply energy to keep the machine (now a generator) turning.
With the induction motor it is similar but is text-book material involving phasor diagrams.