The following is my best educated guess as to the purpose of the components.
Starting at the lower left are the main motor FOR/REV contactors with overload relay above. (Red Bars)
Next is the coolant pump contactor with overload relay above. (blue bar)
Next is the control power (and E-Stop) relay (yellow bar)
To the right of that is the control power transformer.
On the far right are the FOR/REV switches.
The black thing top just to right of center is the main power disconnect switch.
Having said that, the VFD will replace the FOR/REV contactors, and be controlled by the FOR/REV switches.
The VFD will be wired directly to the motor, and looks like it could be powered up through the control power relay. It looks like the control power relay breaks all of the main power to the contactors, but I can't really tell for sure from the picture.
I hope this helps