A power conversion apparatus has a positive electrode bus bar and a negative electrode bus bar. The power conversion apparatus has a first semiconductor module incorporating an upper-arm switching element and including a positive electrode terminal and a second semiconductor module incorporating a lower-arm switching element and including a negative electrode terminal. The first semiconductor module and the second semiconductor module are placed such that the positive electrode terminal and the negative electrode terminal face each other in a direction orthogonal to a protruding direction. The positive electrode bus bar and the negative electrode bus bar respectively have coexisting parts placed together between the positive electrode terminal and the negative electrode terminal as seen in the protruding direction of power terminals. The coexisting parts are at least partially placed in a space between the positive electrode terminal and the negative electrode terminal.