Inverting a band matrix
Since none of the comments gave the concrete answer, I'll write it explicitly here in case anyone needs it (like I did).

Firstly, unfortunately, the inverse of a band-limited matrix is a full (non-band-limited) matrix in general, so just filling out the entries of the inverse matrix would take $\Omega\left(n^2\right)$. So I'll assume you just want to solve a linear system $A x = b$.

Using the algorithm in this paper, a general band-limited matrix $A$ of size $n \times n$ with bandwidth $k$ can be decomposed into triangular $k$-bandwidth matrices $L$ and $U$ in $O \left( k^2 n \right)$ time. From there, $L U x = b$ can be solved quickly in $O(k n)$ time. So overall, the runtime will be $O\left(k^2 n\right)$. As a followup, if $k$ is constant, that means that the system can be solved in linear time (highly useful).