Try pd.merge_asof
df['lowerbound_ip_address']=df['ip_address']
pd.merge_asof(df1,df,on='lowerbound_ip_address',direction ='forward',allow_exact_matches =False)
Out[811]:
lowerbound_ip_address upperbound_ip_address country ip_address
0 0 10 Australia 5
1 11 20 China 13