Yes, there will be level caps. They are as follows:
25
50
75.

To pass 25, you must win a match against someone from the opposite faction as yours. You cannot defeat this foe before you hit 25 and expect it to count, it is vital for your progression as a warrior. The foe has to be at least within seven levels of you and the fight is to the death.

To pass 50, you must win a guild-wide tournament staged by Chaos and Cosmos. You may win this tournament at any time to progress, but you still cannot pass 25 if you have not done its prerequisite.

You cannot pass 75. If you reach this level, you may make another character.

In some instances, some rare items will allow for the breaking of the stat cap limit in a certain stat(s). If that is the case, any unused points may be added in as temporary stat points when using the item. So say at level 100 you have thirty stat points left unspent...which may just be likely. You get something let allows you to break the Strength limit...then you may add those thirty to your stat.