In a power converter, an insulation member is interposed between a first overlap portion of the near DC busbar and a second overlap portion of the far DC busbar in a protrusion direction. The first overlap portion is located closer to the converter component in the protrusion direction than the second overlap portion is. A near DC terminal is arranged to be closer to the first and second overlap portions than a far DC terminal is in an arrangement direction perpendicular to both the stack and protrusion directions. The near and far DC busbars are joined to the respective near and far DC terminals. The far DC busbar is joined to the far DC terminals of the respective semiconductor modules while bypassing the near DC terminals of the respective semiconductor modules.