A power conversion apparatus includes: a semiconductor module including a built-in switching element; and a pair of bus bars connected to a power terminal of the semiconductor module. The pair of bus bars has body plate parts that are arranged so as to at least partially face each other in a thickness direction, and pluralities of terminal connection parts that are branched from the body plate parts and to which the power terminal is connected. At least one of the pair of bus bars has a plurality of annular parts that are annularly formed so as to include the plurality of terminal connection parts.