regex = With[{n = "(25[0-5]|2[0-4][0-9]|[01]?[0-9][0-9]?)", d = "\\."},
RegularExpression[StringJoin[n, d, n, d, n, d, n]]];
StringReplace["This here is an ip 123.234.233.111 and we will replace it", x : regex :> "(" ~~ x ~~ ")"]
(* "This here is an ip (123.234.233.111) and we will replace it" *)