A power conversion apparatus performs power conversion. The power conversion apparatus includes a semiconductor module and a cooler. The semiconductor module includes an insulated-gate bipolar transistor, a metal-oxide-semiconductor field-effect transistor, and a lead frame. The insulated-gate bipolar transistor and the metal-oxide-semiconductor field-effect transistor are connected in parallel to each other and provided on the same lead frame. The cooler has a coolant flow passage. The coolant flow passage extends such that the coolant flow passage and the lead frame of the semiconductor module are opposed to each other. The semiconductor module is configured such that the metal-oxide-semiconductor field-effect transistor is not disposed further downstream than the insulated-gate bipolar transistor in a flow direction of a coolant in the coolant flow passage of the cooler.