diff --git a/arrow-cast/src/cast.rs b/arrow-cast/src/cast.rs
index a3abe545d529..3e23a059bf3e 100644
--- a/arrow-cast/src/cast.rs
+++ b/arrow-cast/src/cast.rs
@@ -344,16 +344,43 @@ fn cast_floating_point_to_decimal128<T: ArrowPrimitiveType>(
     array: &PrimitiveArray<T>,
     precision: u8,
     scale: u8,
+    cast_options: &CastOptions,
 ) -> Result<ArrayRef, ArrowError>
 where
     <T as ArrowPrimitiveType>::Native: AsPrimitive<f64>,
 {
     let mul = 10_f64.powi(scale as i32);
 
-    array
-        .unary::<_, Decimal128Type>(|v| (v.as_() * mul).round() as i128)
-        .with_precision_and_scale(precision, scale)
-        .map(|a| Arc::new(a) as ArrayRef)
+    if cast_options.safe {
+        let iter = array
+            .iter()
+            .map(|v| v.and_then(|v| (mul * v.as_()).round().to_i128()));
+        let casted_array =
+            unsafe { PrimitiveArray::<Decimal128Type>::from_trusted_len_iter(iter) };
+        casted_array
+            .with_precision_and_scale(precision, scale)
+            .map(|a| Arc::new(a) as ArrayRef)
+    } else {
+        array
+            .try_unary::<_, Decimal128Type, _>(|v| {
+                mul.mul_checked(v.as_()).and_then(|value| {
+                    let mul_v = value.round();
+                    let integer: i128 = mul_v.to_i128().ok_or_else(|| {
+                        ArrowError::CastError(format!(
+                            "Cannot cast to {}({}, {}). Overflowing on {:?}",
+                            Decimal128Type::PREFIX,
+                            precision,
+                            scale,
+                            v
+                        ))
+                    })?;
+
+                    Ok(integer)
+                })
+            })
+            .and_then(|a| a.with_precision_and_scale(precision, scale))
+            .map(|a| Arc::new(a) as ArrayRef)
+    }
 }
 
 fn cast_floating_point_to_decimal256<T: ArrowPrimitiveType>(
@@ -588,11 +615,13 @@ pub fn cast_with_options(
                     as_primitive_array::<Float32Type>(array),
                     *precision,
                     *scale,
+                    cast_options,
                 ),
                 Float64 => cast_floating_point_to_decimal128(
                     as_primitive_array::<Float64Type>(array),
                     *precision,
                     *scale,
+                    cast_options,
                 ),
                 Null => Ok(new_null_array(to_type, array.len())),
                 _ => Err(ArrowError::CastError(format!(
@@ -6110,4 +6139,31 @@ mod tests {
         );
         assert!(casted_array.is_err());
     }
+
+    #[test]
+    fn test_cast_floating_point_to_decimal128_overflow() {
+        let array = Float64Array::from(vec![f64::MAX]);
+        let array = Arc::new(array) as ArrayRef;
+        let casted_array = cast_with_options(
+            &array,
+            &DataType::Decimal128(38, 30),
+            &CastOptions { safe: true },
+        );
+        assert!(casted_array.is_ok());
+        assert!(casted_array.unwrap().is_null(0));
+
+        let casted_array = cast_with_options(
+            &array,
+            &DataType::Decimal128(38, 30),
+            &CastOptions { safe: false },
+        );
+        let err = casted_array.unwrap_err().to_string();
+        let expected_error = "Cast error: Cannot cast to Decimal128(38, 30)";
+        assert!(
+            err.contains(expected_error),
+            "did not find expected error '{}' in actual error '{}'",
+            expected_error,
+            err
+        );
+    }
 }