(I needed this for Twitter Ads)
ffmpeg -i input.mp4 -vf "scale=(iw*sar)*min(1280/(iw*sar)\,720/ih):ih*min(1280/(iw*sar)\,720/ih), pad=1280:720:(1280-iw*min(1280/iw\,720/ih))/2:(720-ih*min(1280/iw\,720/ih))/2" output.mp4
Source: https://superuser.com/a/891478