A power conversion apparatus has: a heat-generating component; and a first capacitor module and a second capacitor module that are arranged to face each other with the heat-generating component therebetween. The first capacitor module has a first capacitor element, a first case that accommodates the first capacitor element, and a first bus bar with one end connected to the first capacitor element. The second capacitor module has a second capacitor element, a second case that accommodates the second capacitor element, and a second bus bar with one end connected to the second capacitor element. The second bus bar has an intervening part that intervenes between the second capacitor element and the heat-generating component, in a state of being separated from the two.