When I'm explaining Def to someone, I like the term Anti-Cap.
A cap tends to imply an upper limit to something, and as has been stated there really is not "hard-cap" to def..
However, there is an Anti-Cap... a lower limit below which if you go, you will be crittable..
For example, at lvl 70, the Anti-Cap againsts a lvl 73 boss is 490. Go below this, and he will be able to crit you.
To work this out for any level the formula is:
PlayerLvl*5 + ((5 + 0.04(Moblvl*5 - Playerlvl*5))/0.04)
This assumes nothing (e.g. Def for lvl maxed out).
Easier way to remember it is:
+125 Def vs Same lvl mob. (You must have your innate Def skill maxed out for your lvl)
+130 Def vs +1lvl mob..
+135 Def vs +2lvl mob...
etc..
In summary, there's no Cap, but there is an Anti-Cap if you don't want to be critted
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