A power converter includes a housing, a circuit element, and a cover. The housing includes a first space and a second space. In the first space, a circuit substrate is disposed. In the second space, a passage for a cooling fluid is disposed. The circuit element is disposed on the circuit substrate in the first space and protrudes into the second space. The cover covers at least a portion of the circuit element and includes a first portion and a second portion. The first portion protrudes from near the circuit substrate into the second space, and defines a first region that has a first area. The second portion protrudes from the first portion, and defines a second region that has a second area. The first area is larger than the second area as viewed from a direction in which the circuit element protrudes.