An electric power conversion apparatus includes a stacked body, a capacitor, a metal frame and a case. The stacked body is formed by stacking semiconductor modules with coolant passages formed therebetween. The frame has both the stacked body and the capacitor fixed therein. The case has all of the stacked body, the capacitor and the frame received therein. Further, the frame has a separation wall that separates the stacked body and the capacitor from each other, a stacked body-surrounding wall that surrounds the stacked body with the help of the separation wall, and a capacitor-surrounding that surrounds the capacitor with the help of the separation wall. The capacitor has a pair of end portions that are opposite to each other in a predetermined direction, in which control terminals of the semiconductor modules of the stacked body protrude, and each at least partially exposed from the capacitor-surrounding wall of the frame.