Current regulation before or after voltage regulation?
there's a current limiter BEFORE the voltage regulation, which didn't
  made much sense to me.


You can put current limiting after the voltage regulator only if the current limiter causes no excessive volt drops up until the point when it needs to regulate / limit the current. 


  Isn't is supposed to be the voltage regulation first in a "row" here?


Or, you can put a current limiter before the regulator and the odd volt or so of volt drop that it might incur (in normal operation) can be mitigated against by having a slightly higher feed voltage into the circuit.

Alternatively, you can put the current limiter after the voltage regulator's pass-transistor but, the voltage regulator's sensing feedback system should be after the current limiter thus the voltage regulator still effectively regulates and "lives with" the added volt drop of the current limiter in series with the output of the voltage regulator's pass transistor.


  Because if the current will be limited too low, there's not even
  necessarily that I could get 1.25V on the input of the "voltage
  LM-317"?


And that is the whole point - if you are limiting current the voltage regulator must reduce its output else how can the current be limited. You cannot have simultaneously over-current limiting AND voltage regulation occuring together.